Driven by massive price gains in Bitcoin, relevant crypto trading venues are looking forward to record increases in their in-house coins. We took a close look at the three largest exchange tokens by market capitalization: Nothing but hot air – or the beginning of something bigger?
Binance Coin and consorts conquer the crypto market
The crypto market now has a market capitalization of $ 1.76 trillion. With 1.05 trillion, the lion’s share of this is accounted for by the crypto key currency Bitcoin (BTC) – it is not for nothing that one speaks of “Bitcoin dominance”. But the latter has been on a downward path since the beginning of the year, despite regular new Bitcoin price records. At the time of going to press, Bitcoin made up 62.2 percent of the market capitalization – around 10 percent less than at the beginning of the year.
Jointly responsible for the shrinking share that Bitcoin has in the total market capitalization: strong price gains in exchange tokens
Binance Coin (BNB), Huobi Token and Co. have now secured a 4.7 percent share of the crypto market. Of this 80 billion US dollars, a whopping 42.8 billion is accounted for by BNB, which has recently seen exorbitant price increases.
However, Binance Coin is only the spearhead of a development that has clearly picked up speed in recent weeks. Because other exchange tokens are currently printing impressive green candles in the charts.
Binance Coin recently delighted its holders with a price spurt that had catapulted BNB to over 300 US dollars. After a correction, BNB can still show a full week plus of 114 percent.