Number 3 cryptocurrency, rallying 1,300% this year, outperforms rivals Bitcoin and Ether
Rival of Bitcoin and Ether, which is the three largest cryptocurrency by market cap, Binance Coin (BNB) significantly outperformed the two most popular digital tokens. Binance coin has climbed nearly 1,300% this year (year to date).
BNB is widely used on Binance, the world’s largest crypto exchange by volume. It is also the native currency of Binance Smart Chain, a blockchain platform that supports smart contracts for use in decentralized finance (DeFi) and other applications.
Meanwhile, Bitcoin is up 62% in 2021 while the second largest cryptocurrency, Ether, has jumped more than 400% during the said period. Tuesday. Bitcoin, famous for its volatility, has lost more than $ 21,000 since reaching a record high in early November.
On the other hand, Ether, the token of the Ethereum network, has outperformed Bitcoin thanks to the adoption of blockchain technology by financial technology companies, and perhaps more specifically the popularity of non-fungible tokens (NFTs) in worlds of art and games.
As a successful year for cryptocurrencies draws to a close, other alternative coins, or altcoins, have also made significant gains in 2021. Many coins other than the largest have recorded spectacular streaks this year. . Coins such as Dogecoin, Cardano and Shiba Inu, previously relegated to the more speculative corners of the market, have become household names this year. Solana and Fantom, coins connected to other blockchain platforms that support smart contracts, for example outperformed Binance Coin’s returns.
Cryptocurrency prices went on another roller coaster last year, rising, falling and then reshaping. El Salvador became the first country to become Bitcoin legal this year, while the first exchange-traded fund linked to Bitcoin futures contracts also began trading.
(With contributions from Bloomberg)
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