During the last year, Binance Coin (BNB) has been growing in the market and expanding its use cases. The official launch of the Binance DEX, the lottery system to participate in the Binance Launchpad and anticipated coin burns by Binance’s team members allowed BNB to reach the sixth position in the cryptocurrency market.
As Litecoin’s (LTC) enthusiasm gets diluted after the halving event this could be the moment for BNB to surpass LTC as the fifth largest crypto.
Could BNB Surge And Surpass Litecoin?
Binance Coin has been in a bull trend that allowed the virtual currency to move from its bottom in December 2018 to a new all-time high a few months later. The virtual currency outperformed Bitcoin and many other altcoins as well.
Thanks to a large number of initiatives and proposals made by the Binance cryptocurrency exchange, the BNB coin experienced a rapid price increase. BNB price was traded around $4.5 in December 2018 and it reached an all-time high of almost $40 at the end of June this year. That represents a price increase of 788%.
Thanks to this price performance, Binance Coin surpassed digital assets such as Cardano (ADA), Monero (XMR), Stellar (XLM), Bitcoin SV (BSV), EOS or Tether (USDT). The logic move for BNB is to keep moving forward and surpass Litecoin, which is less than $600 million market valuation away from BNB.
Despite that, Changpeng Zhao, the CEO of Binance, has always been very open with the virtual currency market. When Binance Chain was announced, many enthusiasts and investors suggested that BNB could eventually replace Ethereum (ETH), the second-largest cryptocurrency after Bitcoin (BTC).
However, Mr. Zhao said that they do not have to “diss any other coin.” He considers that the cryptocurrency space should move forward together rather than creating divisions among the community.
BNB and Litecoin are completely different coins, but they have very similar communities. The supporters of these two coins are usually very open to other projects in the cryptocurrency industry. They are also very open to discussing new features, improvements and changes to their protocols.
If BNB surpasses Litecoin in the future, that does not mean that BNB is a “better” currency and that Litecoin is a “worse” proposal. They are different cryptocurrencies, with different goals but with open communities to work together in helping the whole crypto-economy to expand.
Currently, LTC and BNB are being traded around $74 and $26.25, respectively according to CoinMarketCap. While Litecoin has a market capitalization of $4.67 billion, BNB has a valuation of $4.08 billion.