Binance is now the Third-Largest Cryptocurrency

It should no longer be a surprise to the entire cryptocurrency industry that Binance is the largest cryptocurrency exchange in the world. However, the company is not only known for providing trading and security services to crypto-users. The company is very well known for having launched its cryptocurrency token that goes by the name ‘Binance Coin – BNB’.

Ever since the exchanges’ launch, it has constantly earned the reputation of achieving new milestones every now and then. This time, however, Binance has achieved enormous milestones that have not only shocked the entire crypto-community but also the cryptocurrencies themselves.

This time, Binance Coin (BNB) has managed to achieve a historical milestone by gaining a lot of market capitalization. As of now, Binance Coin (BNB) has become the third-largest cryptocurrency in the world in terms of market capitalization. It is for the first time in the history of Binance Coin (BNB) that it has earned itself the third spot in the top cryptocurrencies.

According to the figures, the market capitalization of Binance Coin (BNB) is sitting at $38 billion, which is also the first time it has hit this benchmark. Before Binance Coin (BNB), the cryptocurrency that had the third spot was Tether (USDT) and it had a market capitalization of $33 billion.

However, Binance Coin (BNB) has managed to outperform Tether (USDT) by $5 billion and is now sitting on the third spot. The crypto-data analyzing firm that has collected and presented the data in the report is CoinGecko.

As of now, the Binance Coin (BNB) is said to be trading at a price of $257 and has managed to gain a 47% increase in the last 24 hours. What is more surprising is that Binance Coin (BNB) has gained even more growth in the past 7-days, which was 107%.

CoinGecko has revealed that the Binance Coin (BNB) has not only gained a spike in market capitalization but it has also gained an increase in the daily trading volumes.

The daily trading volume at Binance Coin (BNB) has also been gaining a constant increase. As of today, the trading volume being observed is $14 billion. The firm has revealed that $14 billion is the all-time high that Binance Coin (BNB) has observed ever since the launch.

The firm also revealed that the overall trading volume for yesterday (February 18, 2021) was $9 billion.

The major factor behind Binance Coin’s (BNB) surge in market capitalization and its win as the third-largest crypto is the massive rally that the platform has experienced.

It was just yesterday when Binance Coin (BNB) had defeated XRP in market capitalization and acquired the sixth position in the top 10 cryptocurrencies. But today, Binance Coin (BNB) has even defeated Tether (USDT) and is now sitting at the 3rd spot.