The in-house token of the popular cryptocurrency exchange Binance, Binance Coin recently touched $55 before settling around $54. With a record high price, it has become the ninth-largest cryptocurrency by market value of issuance. BNB has surpassed Bitcoin Cash by a margin of around $1 billion.
This action was led by Dogecoin, another cryptocurrency that started rising after a tweet by Elon Musk. It was effectively used by Binance CEO Changpeng Zhao to promote trading on their platform.
Events at Robinhood made Cryptocurrency exchanges, the Centre of attraction for traders
Restrictions laid by trading platforms like Robinhood on selected stocks favoured by retail investors led to a number of these ‘traders’ shifting their attention towards centralized and decentralized cryptocurrency exchanges. data indicates that things are going well for these exchanges due to which a lot of tokens are at their all-time highs for a while now.
Volumes of CEX surged, taking tokens with them
According to the data site Skew, trading volumes for Bitcoin on Binance as well as FTX surged tremendously over the weekend.
Not only that but FTX’s FTT token surged at about $13 reaching a new all-time high.
Bitcoin Cash relegated to the 10th position ahead of Stellar Lumen
Things aren’t exactly merry for Bitcoin Cash after being eclipsed by Binance Coin. It might drop even further, because the token after Bitcoin Cash, even as Stellar Lumen, is just $700 million behind in market cap now .