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BNB becomes the 6th largest crypto in market cap; Will it cross its $200 mark?
The demand for Binance Coin seems to rise continuously as it reaches to its all-time high.
The market price of BNB has reached $185.72, with an increase of 29.41% in 24 hours (at the time of writing). It has become the sixth largest crypto in terms of market capitalization. It reached $195 a few hours ago with an increase of 42% before slipping to the current price. It is the second rally of BNB in February, and it has gained more than four-time in February itself.
Its previous all-time high was on February 10 with a 24-hour volume of $7.52 billion, and on Thursday, it broke its previous records to trade at a volume of more than $8.7 billion. It has already crossed its resistance point at $150, and the next goal for BNB is now $200.
The activity of BNB is also increased on BSC (Binance Smart Chain) with an increase of more than 20% of total value locked in 24 hours. Notably, BNB was launched in 2017 by Binance. It was initially built on Ethereum, and then it was moved to BSC. BNB burn was performed on Ethereum before moving it to Binance Smart Chain.
One of the significant reasons behind this rise could be the name Binance itself. No doubt that Binance is itself a recognized name in the crypto world. Investors might find it trustworthy to invest in BNB. The second reason could be the launch of Smart Contracts on the Binance Chain, which enables the development of DeFi products. Another reason could be the high gas costs on Ethereum that motivate investors to invest in alternate DeFI environments. In his recent tweet, Changpeng Zhao, Binance CEO, said that Binance Smart Chain has two times more transactions than Ethereum.
There are almost 2x more transactions on #BSC than on ETH. If you want more users for your Dapp, you need to be on #BSC now.
CZ Binance (@cz_binance), February 18, 2021
BNB is having a nearly upward trend since its launch. Seeing the trend, Binance Coin may cross a $200 mark soon. You can think of investing in BNB being backed by Binance, plus it has certain other features that might interest you.