Binance Coin (BNB) hit its all-time high of $637.44 last week but even after falling 22% from that level, the cryptocurrency's year-to-date are hard to match.
The Token: Originally launched in 2017, through an initial coin offering as an ERC-20 token, on the Ethereum network, it has since moved on to its own blockchain. BNB has a variety of uses including as a payment mechanism, a utility token, and also powers the Binance Decentralized Exchange.
The rising costs of Ethereum transactions have propelled BNB along with other tokens such as PancakeSwap (CAKE) this year. BNB is the third coin on the list of cryptocurrencies arranged by market capitalization published by CoinMarketCap. The top two cryptocurrencies by market cap are Bitcoin (BTC) and Ethereum (ETH).
On a 24-hour period at press time, BTC traded 3.25% lower at $55,272.27 while ETH traded 5.6% lower at $2,143.86. BNB was in the red 6.73% at $496.35.
The Investment: If you invested $1,000 on the first day of the year when the token opened for trading at $37.37, you would have received 26.75 BNB.
The coins would be worth $13,282.04 as per the price prevalent at press time, which represents a gain of 1,228.20%.
Comparatively, BTC and ETH have risen 88.45% and 184.65%, respectively, in the same period. A similar investment in BTC and ETH would be worth $1,906.33 and $2,906.10.
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