BNB Springs to Top 4 from Top 6 Spot Within 2 Hours, Here’s What’s Pushing It Up

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Thu, 02/18/2021 - 09:46
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Yuri Molchan
Binance Coin has soared from the top 6 spot to the top 4 position in merely two hours, a lucky day for BNB
BNB Springs to Top 4 from Top 6 Spot Within 2 Hours, Here’s What’s Pushing It Up
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The native coin of the Binance exchange and Binance Smart Chain (BSC), BNB, moved to spot six this morning, pushing XRP to position seven on the CoinMarketCap scale, as covered by U.Today earlier on Thursday.

Now, two hours later, BNB has jumped to fourth place, leaving ADA and Polkadot behind.

BNB_091
Image via CoinMarketCap

BNB flips ADA, Polkadot, lands in spot four

The market cap value of Binance Coin now totals $29,158,951,471, and it is changing hands at $189.64, showing a close to 45 percent rise over the past 24 hours.

Binance Coin first got into the top-10 crypto list in winter 2019 and has remained in it or close to it since then.

On Feb. 17 this year, the coin printed an all-time high of $175, flipping many other top altcoins by market cap.

Related
XRP Pushed Down to 7th Spot by Binance Coin as Ethereum Prints Record High

Here's what's driving BNB forward

Such a fast rise of BNB is down to the growth of Binance Smart Chain, an Ethereum rival for DeFi apps, which was launched in September 2020.

At the moment, there are twice as many transactions going on Binance Smart Chain as on Ethereum due to the feeswhich are many times lower than on Vitalik's blockchain.

Besides, the PancakeSwap dex built on BSC has become the second-largest decentralized exchange, according to data from CoinGecko.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.