Binance Coin Surpasses $5 Billion Market Capitalization Registering A New BNB Token Record
- Binance Coin has surpassed $5 billion market capitalization
- The digital currency has also reached an all-time high close to $36
Binance Coin (BNB), the digital currency used on the Binance exchange, has reached a new record after surpassing a market capitalization of $5 billion. This comes after the launch of the Binance decentralized exchange (DEX) and the Binance Chain.
Binance Surpasses $5 Billion Market Cap
According to data provided by CoinMarketCap, Binance Coin surpassed $5 billion market capitalization on June 13. At that time, its price was close to reaching $36, the highest point ever registered by the digital currency.
The digital currency can be used by individuals and investors to reduce the fees paid at the exchange. Moreover, BNB can also be used in different places to purchase for goods and services. In addition to it, BNB is the base pair of many other virtual currencies on the Binance DEX and Binance platforms.
About the new milestone achieved by the digital currency, Changpeng Zhao said that they remain focused on building and developing their products and services.
Lol, found out through this tweet. Focus on #buiding.
— CZ Binance (@cz_binance) June 13, 2019
The new record reached by this digital currency comes after the launch of the Binance Chain and the Binance DEX in April this year. These were two important developments in which the team behind Binance was working on since they released the exchange in 2017 before the bull market.
Nonetheless, the Binance exchange was hacked a short time ago, resulting in the loss of over 7,000 BTC that are going to be covered by Binance through its SAFU fund. This is the first time that Binance is hacked and that is affected by such an attack. Many other exchanges have suffered these issues but Binance remained safe.
Binance Coin has been in a bull trend since December 2018, when the whole cryptocurrency market bottomed. At that time, Bitcoin was reaching $3,200 and BNB $4.5. Since that moment, BNB started growing and it surpassed it previous all-time high registered in January 2018. At that time, BNB surpassed $24 but it ultimately dropped.
Now, Binance Coin is being traded around $32.55 and it has a market capitalization of $4.6 billion. In the last 24 hours, BNB is the coin that dropped the most among the top 45 digital assets. It registered the third largest drop among the top 100.