Binance’s BNB topples Tether, now the 3rd-largest crypto in the world

The native token of Binance exchange, BNB, has climbed up the crypto ladder and now sits as the third-largest cryptocurrency in the world by market cap.

Binance Coin, aka BNB, has been one of the top-performing coins this week. In the past 7 days, the price of the digital asset has risen by more than 100%. BNB continued in its upward trend this morning, eventually surpassing several large-cap cryptocurrencies, including XRP, Polkadot, Cardano, and Tether. As of press time, the market cap of BNB was over $40.6 billion. Meanwhile, a whopping 51% surge today has driven BNB prices to an all-time high of $298.

Interestingly, BNB was trading below $40 a few weeks ago. Since the beginning of 2021, the token has recorded a 560% growth. Bitcoin, on the other hand, which has had a sterling year so far, has gained just 75% this year.

#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels. 🙏🙏🙏 pic.twitter.com/P5oJrNus6J

— CZ 🔶 Binance (@cz_binance) February 19, 2021

The rush to Binance may be due to the fact that Ethereum transactions have become very expensive. As reported by BTC PEERS, Binance spent nearly $10 million on gas fees last week.

In 2020, the exchange created a cheaper and relatively faster alternative to rival Ethereum. The Binance Smart Chain (BSC) has been attracting developers and gaining momentum.