BNB back on the podiumBinance Coin is on the up and up, having lifted almost 30% this week alone.
While the rest of the crypto market tries to regain losses from the crash of last week, Binance Coin is forging ahead and just surpassed Cardano as the fourth biggest crypto asset. Launched in July 2017, Binance Coin initially ran on the Ethereum network, but has since become the native coin of Binance's own blockchain, the Binance chain.
Binance was created at first as a utility token for discounted trading fees, but then in September 2020 the Binance Smart Chain was launched, which is a parallel chain specifically for DeFi services, dApps, and Smart Contracts.
Since then, Binance Coin prices have shot up from around the $23 mark to hit highs of $680 in early May before cryptos took a wrong turn and spent some time in freefall. The ongoing price hike can almost be directly linked to the Binance Smart Chain (BSC) – because it’s so much cheaper to work on than Ethereum, it became a popular alternative when the Ethereum network started battling to deal with the growth of DeFi, and people started moving projects over.
Most of the altcoin market has struggled through the last few weeks, and Binance certainly fell prey to the sell-off, losing 43% in May and seeing highs of $680 and lows of $211 in a roller coaster couple of weeks. But it seems that the token is making its way back to the top. Part of the hype might be thanks to the recent launch of its 20th project on Binance Launchpool. Everyone loves a new toy to play with, right?