Binance Coin climbs above Tether after yesterday’s surge and today’s continuation of $100 higher so let’s read more about it in today’s latest BNB news.
The surge in the price and corresponding FOMO caused BNB to climb the top ten assets by market cap and Binance coin climbs above tether for the third spot and this is a very important step for the exchange’s token. BNB is having a record-setting month so far and February is still not done but the coin recorded its largest candle in history. BNB closed at $200 per coin within 24 hours with the token already surging at another $100 higher. Tether’s market cap is based on supply so its price is tied to the dollar and will not fluctuate significantly. Tether has held on the number three spot for some time and took from XRP as it sinks deeper down the list of cryptos by market cap.
XRP enjoyed the third rank for years but it recently started dropping because of the ongoing lawsuit filed by the SEC against Ripple. Binance Coin was cracking between the top ten before this month and it’s behind ETH and BTC in terms of total capital.
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As for why the token is doing so well, it could be a sign of overall demand for the crypto market as a whole. Bitcoin was propelling other assets into an uptrend and it is making investors invest their money once again. The chatter on smaller coins making fortunes is luring investors as well and there’s no platform that’s more associated with the altcoins more than Binance.
Binance was the main exchange to be during the past altcoin season which saw BNB jump in demand as well. The latest monthly candle is the biggest since then and suggests that the lightning is striking the exchange and the related token twice. Because the platform is active and relies on the token to underpin its growing ecosystem, Binance Coin is one of the more valuable crypto tokens in the market and the markets are only now realizing their value with the price catching up accordingly.
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