financemagnates.com
Binance Coin (BNB), the world’s 3rd largest digital currency, regained the important price level of $400 on Thursday after the digital asset posted a strong recovery from the recent correction. As of writing, the crypto asset is trading near $402 with a market cap of more than $61 billion.
According to the latest data published by Coinmarketcap, Binance Coin is up by nearly 30% in the last 7 days. BNB remained the best-performing cryptocurrency among the top 3 digital assets. Binance Coin touched an all-time high of $412 on 7 April 2021. The price of BNB saw a dip of approximately 10% on the same day but recovered quickly to regain the price level of $400.
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BNB started this year at a price level of $37. The digital currency has posted more gains than Bitcoin and Ethereum in the last 12 weeks. Binance Coin recently crossed the market cap of $50 billion after a significant surge in demand from retail traders.
Binance CEO Changpeng Zhao remained vocal about his views on Bitcoin and other digital currencies. During a recent interview with Bloomberg, Zhao said that almost 100% of his net wealth is invested in crypto. “I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my net worth. So, this is a conceptual shift. I’m not using crypto to buy fiat; I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future,” Zhao said.
Rally in Binance Coin
The overall market cap of cryptocurrencies touched an all-time high of $2 trillion earlier this week. The total market value of digital currencies is up by more than 120% within the last 3 months. The latest rally in Binance Coin has contributed a lot towards the overall surge in the crypto market cap. BNB’s market cap is $15 billion more than XRP, the 4rth largest digital currency.