Binance Coin Spikes 10%, BNB Regains $90 Billion Market Cap

BNB is up by more than 1,500% over the last 4 months.

Photo: Binance CEO Changpeng Zhao

According to the latest data published by Coinmarketcap, Binance Coin is now up by more than 1,500% since the start of this year. BNB started this year at a price level of approximately $37. As of writing, BNB is trading near $600 with a market cap of $91 billion.

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BNB is now more valuable than some of the leading financial firms worldwide including French banking giant, BNP Paribas. The latest jump in Binance Coin shows that the cryptocurrency is now eyeing another all-time high above $650.

Performance of Binance Coin

The world’s 3rd largest cryptocurrency has already gained more than 100% since the start of April. Binance Coin crossed the market cap of $50 billion in the first week of April. One of the major reasons behind the latest surge in demand for BNB is that Binance has burnt a record number of BNB tokens this year. “When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” Binance CEO, Changpeng Zhao mentioned on Twitter earlier this month.

Binance Coin now accounts for more than 4% of the total market cap of digital currencies. The latest surge in BNB and ETH has caused a sharp drop in the market dominance of Bitcoin. The total market cap of cryptocurrencies crossed $2.1 trillion on Thursday.

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