Binance Coin hits all-time highs as BNB surpasses Bitcoin Money by market cap

Binance Coin (BNB), the in-house token of cryptocurrency change Binance, noticed its worth hit a brand new all-time excessive this week, passing Bitcoin Money (BCH) by market cap.

BNB/USD 1-week candle chart (Binance). Supply: TradingView

BNB, Binance quantity hit data

Knowledge from Cointelegraph Markets and TradingView confirmed BNB “flippening” BCH to change into the ninth-largest cryptocurrency on Feb. 4.

Considered one of a lot of altcoins to achieve file highs this week, BNB/USD briefly hit $55 on Thursday earlier than correcting to circle ranges just under $54. 

All time excessive on system visitors once more. In actual fact, 3 ATHs within the final quarter-hour. Some remoted latencies noticed, monitoring.

Funds are #SAFU!

— CZ Binance (@cz_binance) February 4, 2021

Efficiency appeared buoyed by file quantity on Binance itself as buying and selling gathered tempo as a part of a long-awaited return of “altseason.” 

The motion was led by Dogecoin (DOGE), surging because of tweets by Elon Musk which Binance CEO Changpeng Zhao used to advertise buying and selling on the platform. 

“All time excessive on system visitors once more. In actual fact, 3 ATHs within the final quarter-hour,” he revealed on Thursday.

“Some remoted latencies noticed, monitoring. Funds are #SAFU!”

Bitcoin Money relegated to backside of high ten

Probably the most conspicuous sufferer on BNB on the day was Bitcoin Money, which ceded its place to change into more and more at risk of dropping its standing as a high ten cryptocurrency by market cap.

On the time of writing, eleventh-place Stellar (XLM) was nonetheless $700 million decrease than BCH, with BNB’s market cap at $8.3 billion.

BCH/USD vs. BNB/USD 1-hour chart. Supply: TradingView

BNB in the meantime kinds one of many cryptocurrencies supported in Binance Pay, Binance’s newest product which launched as a beta model this week. Each Bitcoin (BTC) and Ether (ETH) are additionally accessible to be used within the fee gateway, together with Binance’s BUSD stablecoin, Swipe (SXP) and the euro as a fiat forex possibility.

As Cointelegraph reported, change visitors worldwide is increasing quickly because of the bull run which has acquired appreciable mainstream consideration in latest weeks and months.