Binance Coin (BNB) is currently on a dream run as the digital currency is up by nearly 1,600% since the start of 2021. BNB crossed the market cap of $95 billion on Monday after the digital currency gained nearly 25% in the last 24 hours.
According to the latest data published by Coinmarketcap, Binance Coin touched an all-time high of $635 today as the world’s 3rd most valuable digital currency crossed the total market cap of an American technology firm, Snapchat (SNAP). BNB remained the best-performing cryptocurrency among the top 3 since the start of this year.
On 1st January 2021, BNB was trading at around $37. The digital asset saw a surge in demand this year after Binance burnt a record number of BNB tokens. “When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” Binance CEO, Changpeng Zhao mentioned on Twitter yesterday.
During a recent announcement about the launch of stock tokens on Binance, the company mentioned that it has seen a jump of 346% in the total number of users in Q1 of 2021 as the total trading volumes jumped by nearly 260% during the first three months of this year.
BNB has seen consistent growth in the last 14 weeks. Binance Coin now accounts for more than 4% of the total market of digital currencies. Additionally, the total market cap of cryptocurrencies touched an all-time high of $2.1 trillion today after a jump in Bitcoin, Ethereum and BNB. The world’s second-largest digital currency Ethereum reached an all-time high of $2,197 today. Furthermore, Bitcoin jumped above $61,000 on Monday as the total market cap of the world’s most valuable digital currency crossed $1.12 trillion.
As of writing, Binance Coin is trading near the important level of $600 with a market cap of more than $92 billion. The cryptocurrency added more than $40 billion to its market cap in the last 7 days.