The price of BNB, the cryptocurrency coin powering Binance Chain ecosystem, has jumped over 12 per cent in the last 7 days, slowly moving out of the slump it landed itself in the recent crypto market crash that wiped off billions of dollars worth of investors’ money.
In the last 24 hour hours alone, BNB price increased nearly 5 per cent to $329. At the time of writing this, BNB was trading at over Rs 26,670 on Indian crypto exchanges.
Data on CoinMarketCap shows BNB was trading at $314.92 at 8.59 pm on Sunday (May 22nd). The price jumped to $329.56 by 1.04 pm today. In the process, BNB has also regained its position as the fourth largest cryptocurrency in terms of market cap, moving over USDC, the data on CoinMarketCap shows.
BNB had dropped to the fifth position during the recent crypto market crash that witnessed Terra (Luna) falling to almost zero within a few days. The value of Terra’s stablecoin (UST) also became less than a cent in the crash.
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Meanwhile, BinanceUSD, the stablecoin offering from Binance ecosystem, has also increased its market cap after the crash. It is also now in the list of top 10 cryptos, ranked 7th.
BUSD dominates 1.35 per cent of the global crypto markets while BNB has captured 4.04 percent of the global crypto market cap.
Other top 10 cryptos in the list are Bitcoin (1st) Ethereum (2nd), Tether (3rd), USDC (5th), XRP (6th), Binance USD (7th), Cardano (8th), Solana (9th) and Dogecoin (10th).
Binance Chain has reportedly said it will welcome migration and offer support to projects from terra ecosystem. Cointelegraph reported BNB Chain’s investment director Gwendolyn Regina as saying that they are interested in supporting developers and projects from the terra ecosystem so that “they do not miss out on future potential”.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)