- Binance Coin (BNB) has dethroned Tether as the third-largest cryptocurrency, after a splendid 7-day run
- On Wednesday afternoon, BNB peaked at $408 as a reached a market cap of $65.8 billion
- Binance is not the only performing crypto; the likes of Bitcoin, Ethereum, and Cardano all combined to establish new highs
- The valuation of the crypto market crossed $2 trillion for the first time since April when it first crossed $2 trillion
For the crypto market, 2021 has been nothing short of suspense-filled. We’ve seen Bitcoin, the leading crypto, rise to previously impossible highs of $64,863 before crumbling as low as $28,893.
The days of questioning the end of cryptocurrencies seem behind us, as cryptocurrencies seem to be bouncing back strong. One such crypto having an outstanding time is Binance Coin (BNB), the native token on Binance.
Binance Coin (BNB) Now Sits in Third
Binance Coin (BNB) has had an astonishing week, starting at $330 and rising to as high as $406 on Wednesday, August 12. The rise of more than 23% in seven days now makes BNB the third highest valued cryptocurrency.
7 days chart of Binance Coin (BNB). Source, CoinMarketCap
On the 5th, BNB was capped at $56 billion, however, the value quickly rose to as high as $65.8 billion, displacing Tether (USDT) which holds a market cap of $62.9 billion. BNB now sits at the third with a market cap of $64 billion.
A Splendid Week for Cryptos; $2 Trillion Again
Binance Coin has not been the only performing crypto over the last week. A rally that was led by Bitcoin and the leading altcoins saw the valuation of the crypto market cross $2 trillion for the first time since April this year.
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In April, Bitcoin hit its highest value of $64,863, before spiralling downwards due to the environmental crisis. The combined rally saw Bitcoin hit a three month high of $46,735. Over the last 7 days, Bitcoin has risen by 16%, with a market cap of $830 billion.
Chart for Bitcoin (BTC) over the last 7 days. Source CoinMarketCap
Although hitting rallies before most other altcoins, Ethereum still maintains a strong form as the leading altcoin is up by 11% over the last 7 days. Ethereum’s rally began shortly after the London hard fork and has maintained greens.
ADA, the native token of the Cardano network similarly surged to its highest value in nearly three months. This happened on Wednesday morning after Charles Hoskinson, the founder of Cardano announced the date for the launch of smart contracts on the network, an automated way to track and execute agreements.
On The Flipside
- After a splendid run, Binance broke through the local trend line yesterday, leading to a price correction of 4%
- BNB now trades at $380 as opposed to the highs of $408 registered earlier
Bulls or Bears; Who Rules the Markets?
After a week of seeing greens, the BNB correction has cut across the crypto market with ETH dropping by 5.7% and BTC by 4.5% over the last 24 hours This has seen the valuation of the crypto market drop below $2 trillion to now sitting slightly above $1.85 trillion.
Are the bulls still in control of the market, or have the bears taken over? At the moment, the crypto market is still considered bullish, only correcting after a very strong rally.
Why You Should Care?
Rising above $2 trillion after the crypto market was labelled ‘done for’ means cryptos are still valuable and there’s still a lot left that they have to offer.
