Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap

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Binance Coin (BNB), the in-house token of cryptocurrency change Binance, noticed its value hit a brand new all-time excessive this week, passing Bitcoin Money (BCH) by market cap.

BNB/USD 1-week candle chart (Binance). Supply: TradingView

BNB, Binance quantity hit information

Information from Cointelegraph Markets and TradingView confirmed BNB “flippening” BCH to change into the ninth-largest cryptocurrency on Feb. 4.

One among a variety of altcoins to achieve document highs this week, BNB/USD briefly hit $55 on Thursday earlier than correcting to circle ranges slightly below $54. 

Efficiency appeared buoyed by document quantity on Binance itself as buying and selling gathered tempo as a part of a long-awaited return of “altseason.” 

The motion was led by Dogecoin (DOGE), surging due to tweets by Elon Musk which Binance CEO Changpeng Zhao used to promote trading on the platform. 

“All time excessive on system visitors once more. In actual fact, 3 ATHs within the final quarter-hour,” he revealed on Thursday.

“Some remoted latencies noticed, monitoring. Funds are #SAFU!”

Bitcoin Money relegated to backside of high ten

Essentially the most conspicuous sufferer on BNB on the day was Bitcoin Money, which ceded its place to change into more and more in peril of shedding its standing as a high ten cryptocurrency by market cap.

On the time of writing, eleventh-place Stellar (XLM) was nonetheless $700 million decrease than BCH, with BNB’s market cap at $8.3 billion.

BCH/USD vs. BNB/USD 1-hour chart. Supply: TradingView

BNB in the meantime varieties one of many cryptocurrencies supported in Binance Pay, Binance’s newest product which launched as a beta model this week. Each Bitcoin (BTC) and Ether (ETH) are additionally accessible to be used within the cost gateway, together with Binance’s BUSD stablecoin, Swipe (SXP) and the euro as a fiat foreign money choice.

As Cointelegraph reported, change visitors worldwide is increasing quickly due to the bull run which has acquired appreciable mainstream consideration in current weeks and months.