This week, Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, saw its price reach a new all-time high, passing the market capitalization of Bitcoin Cash (BCH).
Cointelegraph Markets and TradingView data reported that on February 4, BNB “flipped” BCH to become the ninth-largest cryptocurrency. This week, BNB/USD briefly reached $55 on Thursday before correcting to circle values just below $54, one of a number of altcoins to reach new highs.
As part of a long-awaited return of the “alt season.” success appeared buoyed by record volume on Binance itself as trading gathered momentum. The action was led by the rise in Dogecoin (DOGE) thanks to Elon Musk tweets used by Binance CEO Changpeng Zhao to encourage trade on the platform.
“All time high on system traffic again. In fact, 3 ATHs in the last 15 minutes,” he announced on Thursday.”Some isolated latencies observed,monitoring. Funds are #SAFU”
According to cointelegraph.com, Bitcoin Cash, which ceded its position to become gradually in danger of losing its standing as a top 10 cryptocurrency by market cap, was the most visible victim of BNB on the day.
The eleventh-place Stellar Lumen (XLM) was also $700 million lower than BCH at the time of publication, with the market cap of BNB at $8.3 billion.