- Binance coin hit $86 billion market capitalization, inching closer to flipping Ethereum.
- The cryptocurrency trades over $600 per crypto.
Binance’s native coin BNB has hit over $86 billion worth of market capitalization and is showing no plans of slowing down. This aggressive approach of BNB in the crypto market threatens the Ethereum market standing in terms of market capitalization.
Furthermore, BNB’s current market capitalization is inching closer to flipping Ethereum’s market cap of $250 billion. Specifically, BNB has already reached 35 percent of Ethereum’s market cap. It means that the token would need to less than triple from here to edge out its primary competitor.
Of note, seeing BNB price going over the $630 mark from now on shouldn’t shock Binance users at all. This just represents that the BNB price rally continues.
Over the past month, Binance Smart Chain (BSC) has developed as a viable Ethereum alternative because of its low fees. It is fully compatible with the Ethereum mainnet. Also, it seamlessly allows smart contract creation. In addition, the BSC staking governance is powered mainly by Binance Coin.
Moreover, the Binance coin hit a $400 price within the Binance exchange last week. While, Ajoobz.com CEO, Elja Boom shared his emotion on Twitter, stating that BNB can now look forward to hitting the $500 digital asset in the crypto market.
Not just this, BNB has sustained among the top ten digital assets by market cap for an extended period. Looking at the BNB’s performance now; some attached its new price rally to be a result of its current Binance Smart Chain (BSC) launch.
This article was first published on coinquora.com
