BNB Moves to Third Spot on Crypto Charts after Overtaking XRP
BNB has overtaken XRP as well as Tether to become the world's third highest ranking cryptocurrency coin.
Quick overview
- BNB has become the third highest ranking cryptocurrency, surpassing Tether and XRP during a recent market rally.
- The token's value surged to $1,275, with an all-time high of $1,330, and its market capitalization reached $176.8 billion.
- Positive market sentiment and increased activity on the Asher decentralized exchange have contributed to BNB's rise.
- Institutional demand and whale investments are driving up prices, reversing a previous selloff trend.
BNB Chain Network’s token BNB is now the third highest ranking cryptocurrency and surpassed both Tether and XRP on Tuesday during a crypto market rally.
BNB is now valued at $1,275 (BNB/USD) as it surged 8.45% this week and 4.87% on Tuesday alone. The coin reached as high as $1,330 at its peak today, which is its all-time high, and it now ranks third in overall market capitalization among cryptocurrencies.
The coin was operating in neutral territory according to Stockwits just the day before, but in a matter of hours, the coin’s retail sentiment shot up to bullish and has remained elevated since. BNB’s market capitalization is now at $176.8 billion.
Why Is BNB So High?
What allowed BNB to surpass two of the leading cryptocurrency coins this week? The entire cryptocurrency market is going through a rally right now, with Bitcoin hitting a new all-time high as well this week.
Market sentiment is incredibly positive for crypto tokens and investors are turning to these digital assets in lieu of stocks. There is fear that the government shutdown, which is now in its seventh day, will hurt the stock market more than the crypto market, especially as the shutdown extends. There is also concern that high tariffs will negatively affect stocks and that consumers and producers will start to feel that effect soon.
The decentralized exchange Asher is partly to thank for BNB’s recent success. The BNB chain reported that it reached 58 million addresses activated this week, and many of those are on the Asher exchange. Increased activity on the BNB chain has driven consumer interest in the coin, and there is dramatically increased institutional demand for crypto coins of all kinds right now.
Whales are buying up cryptocurrency and helping to spike the prices with their heavy investment. The whale selloff we saw in August started to taper off in September and reversed in October. This is giving BNB an opportunity to overtake some of its direct competitors.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save