Binance Coin, which is the cryptocurrency affixed to the Binance Chain is soaring enough to reach the market capitalization of Ethereum. As far as reports go, BNB has a current valuation of about $87 billion, with a price that lies below $600. Ethereum stands at a valuation of $246 billion, which is around 2.8 times bigger than the size of BNB.
One of the major reasons for this is the technical momentum of Binance Coin- it has been so strong that it has crossed the volume of USDT/BTC pair. There is some significance to this trend, as USDT or Tether is literally the largest stablecoin in the market, with the pair being one of liquidity.
Why Is Binance Coin Surging So Hard?
The rise of Binance Coin can be attributed to a couple of reasons- one of them being the overall increase in its popularity, coupled with a solid momentum technically, along with a major gap present between the projects of both Ethereum and BSC. If recent weeks were taken under consideration, one would see that the volume of transactions on the Binance Smart Chain has more than tripled its value in the blockchain of Ethereum.
The strong surge has been prominent, especially in the Southeast Asian regions, where the usage of such a chain has been on the rise. Coin98, one of the largest venture capital firms present in Vietnam, has mentioned that there are plans to build a platform of De-Fi that would target the Asian region.
The main reason why Binance Coin would be much more appreciated in the Asian regions is that the price of BNB is quite lower than that of Ether. This apparent divide in their prices makes BNB quite a compelling trade.
