Binance coin has been gaining consistently for a while now. Its exponential growth trajectory saw it replace XRP as the third-largest cryptocurrency. Today, it made another record by becoming the third cryptocurrency ever to have a market capitalization of over $100 billion. This came after it crossed the $666 mark.
Not only is this a huge milestone in crypto, but from the perspective of the capital markets in general. By crossing the $100 billion mark, Binance coin is now worth more than many globally recognized companies such as GlaxoSmithKline, which has a market cap of $94.57 billion, and Airbus that has a market capitalization of $93.57 billion.
Going by the momentum it has now, Binance coin is now on course to surpass the $700 mark and possibly make even higher highs.
Binance coin’s momentous rise has a lot to do with the coin burns and its central role in the Binance chain ecosystem. In terms of coin burns, Binance has been periodically burning BNB since its launch, and this means that the supply is ever getting lower relative to its demand.
On its usage in the Binance ecosystem, the Binance coin is the crypto used to pay fees on the Binance exchange. It is also the cryptocurrency that is used to pay fees on the Binance smart chain.
This means that as long as developers are launching tokens on the Binance smart chain, there will always be demand for Binance coin. It’s one of the most fundamentally sound cryptocurrencies, and the same is reflecting in its valuation.