Binance Coin BNB/USD is the cryptocurrency that underpins the Binance ecosystem. While it was originally launched as an ERC-20 token in July 2017 on the Ethereum ETH/USD blockchain, the token has since moved on to its own network.
See Also: How To Buy Binance Coin (BNB)
Binance is one of the largest cryptocurrency exchanges in the world. As per CoinMarketCap, Binance is ranked top among spot exchanges with a 24-hour volume of nearly $25.16 billion. The second-place Coinbase Global Inc’s COIN platform has a volume of $4.63 billion in comparison.
BNB’s blockchain — Binance Chain, or BSC — was launched in April 2019 and allows anyone to issue, use and exchange digital assets, which has led to a proliferation of new tokens, some of which have gained popularity in their own right.
Tokens on the proof-of-stake-based BSC include PancakeSwap CAKE/USD, Binance USD BUSD/USD and The Graph GRT/USD.
CAKE, BUSD, and GRT have a market cap of $5.05 billion, $12.67 billion, and $4.21 billion, respectively. BNB has a market cap of $72.6 billion, per CoinMarketCap data.
BNB is the fourth-largest token by market capitalization after Bitcoin BTC/USD, ETH, and Cardano ADA/USD.
How The Returns Stack Up: Since the launch of BNB, the Changpeng Zhao-led Binance exchange has seen increased interest along with the token.
See Also: Apple Blocked Ethereum Wallet For Displaying NFTs, Says Startup
This year alone, BNB has soared 1,042.5%, which exceeds the year-to-date gains of both ETH and BTC, which rose 400.95% and 64.73%, respectively.
Dogecoin DOGE/USD has gained an impressive 4,232.64% since the year began.
The story begins to change when we take into account the gains of the last four years. For the purposes of comparison, we factor in price data from July 25, 2017, the earliest when price data is available on CoinMarketCap for BNB.
BNB has risen a whopping 408,379.7% since July 2017. At the time a single BNB token traded for approximately 11 cents. At press time, BNB traded 3.98% higher over 24 hours at $432.28.
The Shiba Inu-themed DOGE has had an impressive run since July 2017 — shooting up 13,718.39% in the period. DOGE traded at $0.0018 approximately at the time. At press time DOGE was up 2.12% at 24 cents.
The apex cryptocurrency, BTC, shot up 1773.8% since July 2017 from $2,576.48 at the time to its current price of $48,278.05.
Finally, ETH, which is the second-largest coin by market cap, has appreciated 1,662.30% in a similar period. On July 25, 2017, a single ETH was worth $206.71. At press time, ETH was up 7.39% at $3,642.86 over 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
