Binance Coin (BNB) Rallies And Becomes The Best Performing Crypto – Binance Is On Its Way To A Huge Achievement

Binance is the world’s largest crypto exchange, and it’s been doing great these days.

Its native token Binance Coin (BNB) has been also performing amazingly, and all it takes to see this is to look at its price evolution since it was launched.

BNB becomes the best performing coin

Cryptoslate reveals that the value of the token has tripled in value during the past three months and this is quite a massive achievement.

BNB is placed now on the seventh position on CoinMarketCap.

Such a surge was not seen by the other coins in the crypto market as well, and most of the digital assets are only at about 20% of their all-time highs.

Tushar Jain, the managing partner at Multicoin Capital Management hedge fund in Austin, Texas, said that Binance was the “best executing team in crypto.”

“We expect to hold them for the foreseeable future,” Jain said.

Bloomberg noted that the main thing that makes BNB attractive to investors is the company’s efforts of “tying the performance of the exchange to the number of tokens in circulation.”

Binance is set to become the world’s first centralized exchange to decentralize

Binance Chain will power Binance DEX which is a brand new decentralized exchange which promises to deliver Binance’s best services but in a decentralized setting, according to The Daily Hodl.

Binance is currently dominating in both volume and number of token pairs.

Binance will be offering lower fees on the DEX in order to incentivize people to leave its centralized exchange.

“Binance is very much trying to cannibalize their own business. That is the explicit goal here. And one of the ways they are encouraging people, both makers and takers, to move over to Binance Chain is by actually offering lower fees on the decentralized exchange than the centralized one,” said Kyle Samani, managing partner of Austin-based crypto hedge fund Multicoin Capital.

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Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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