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Binance Coin ($BNB) is once again in the news, reaching a new all-time high of $903, although it has since fallen back a bit to $899.46. Nevertheless, the rally lifted $BNB's market cap above $125 billion, enough to push it past Solana's $121.7 billion and reclaim the number five slot among top cryptocurrencies by CoinMarketCap.
The breakout was backed by $BNB Network Company, part of CEA Industries, which confirmed they bought 30,000 $BNB, directly boosting the token as it broke through long-term resistance.
Moreover, a recent partnership between Binance and $1.6 trillion firm Franklin Templeton accompanied the price record as well.
What is happening now looks less like a simple change in rankings and more like a clash between two of the biggest crypto businesses. $BNB has the price action and corporate demand in its favor, while Solana is the more actively traded token by a wide margin.
Thus, in the last 24 hours, $BNB had $2.86 billion worth of trades, which is much less than Solana's $8.43 billion. However, market capitalization — the ultimate way to measure size — has now moved in $BNB's favour.
$BNB or $SOL?
The main difference is that $SOL is a native token of one of the most active blockchains right now, while Binance Coin represents a sort of exposure to the world's biggest crypto exchange.
Ironically, one represents the centralized exchange and the other is more about the decentralized side of crypto.
Solana ($SOL), on the other hand, made the news on its own. It just became known that Forward Industries raised $1.65 billion in a private round, a mix of cash and stablecoins, to fund Solana's treasury management strategy.