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Binance Coin becomes the third-largest cryptocurrency overtaking Tether

After surpassing the biggest stablecoin Tether, Binance Coin (BNB) becomes the third-largest coin in the cryptocurrency world by market capitalization.

As of writing, BNB’s market cap stands at $40.8 billion. It’s about 7 billion higher than its recent counterpart according to CoinMarketCap.

Source: CoinMarketCap

Alongside propelled growth, BNB witnessed a major increase in trading volumes, which led to its record high trading volume of $14 billion.

This surge comes amid the success of its smart chain-based DeFi exchange, PancakeSwap. The platform has seen immense growth for awhile now overtaking Uniswap as the largest exchange by trading volume.

Binance CEO Changpeng Zhao said that BNB’s performance against Bitcoin has been the main goal of Binance.

“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.”

The CEO also wrote, “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years.”

It is a remarkable achievement for BNB to reach such levels. Things are going to be really well for the world’s biggest cryptocurrency exchange, Binance. It’d be interesting to see if BNB continues to maintain its third spot or gets surpassed by another digital currency.

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