Binance Coin (BNB) has surprised everyone in the market when it registered a price increase of almost 16% in the last 24 hours. The virtual currency was able to surpass Bitcoin Cash (BCH) as the 7th largest cryptocurrency in the world. Now it is very close to Chainlink (LINK) and Polkadot (DOT).
Binance Coin Surges 15%
Binance Coin, one of the largest cryptocurrencies in the world has registered a massive growth of over 15% in the last 24 hours. Binance Coin price reached $30.82 per coin. The entire crypto community is very excited about it and how the virtual currency is growing.
One of the main reasons behind this price increase could be related to the Binance Smart Chain (BSC) launch a few days ago. This blockchain network that aims at supporting smart contracts and also the staking of BNB tokens. Users can become validators and gather BNB tokens on this new blockchain network.
This network has also become one of the largest in the market in terms of usage. According to Changpeng Zhao, the CEO of Binance, the transaction volume of the company reached 10% of the Ethereum (ETH) network just a few days after the official launch.
About it, Changpeng Zhao stated on Twitter:
“Binance Smart Chain (#BSC) transaction volume reached 10% of ETH network a couple days after launching. Let’s help bringing down the gas fees.”
Binance Smart Chain (#BSC) transaction volume reached 10% of ETH network a couple days after launching.
Let's help bringing down the gas fees.https://t.co/rmrxMhxJvi
— CZ Binance (@cz_binance) September 13, 2020
It is worth mentioning that Binance does not want to negatively affect Ethereum. Indeed, the Binance Smart Chain is compatible with Ethereum so as to offer new solutions and better products than other blockchain networks.
The cryptocurrency market is very competitive between the 5th and 11th position. There are 7 cryptocurrencies that are always traded there and that have very similar market valuation. These coins include DOT, LINK, BNB, BCH, LTC, CRO and BSV and fluctuate between $4.55 billion and $3.15 billion market capitalization.
Binance Coin continues to move higher as the virtual currency of one of the most innovative and powerful exchanges in the cryptocurrency world. They are working on a regular basis in order to offer clients one of the best experiences in the crypto market.
Binance has already added DeFi solutions, staking services for users that want to stake their virtual currencies, stablecoins and a wide range of other products that can be used and enjoy by the entire Binance community at all times.