BNB, the native token of Binance’s BNB Chain, has now surged to third place on the list of the world’s largest cryptocurrencies by market capitalization, surpassing Ripple’s XRP after a remarkable rally above $1,300.
Over the past week, BNB’s price has risen by nearly 30%, hitting a high of $1,326 on Tuesday and giving it a total market cap of around $182 billion, according to CoinGecko data.
The increase has added around $40 billion to BNB’s market cap in just seven days, far outpacing Bitcoin’s performance, which has risen around 5%, and Ether’s 8% over the same period.
With this surge, BNB is now behind only two major currencies, Bitcoin and Ether, while XRP and Tether (USDT) are in fourth and fifth place, respectively.
BNB’s growth has also outpaced the overall global crypto market, which has only risen around 5.5% since October 1.
Among the factors supporting this rise is the increase in real-world use of BNB, including the launch of the Kazakhstan government-backed BNB fund to drive blockchain innovation in the country.
However, not everyone believes that the surge is due to real demand.
According to analysts, the increase in BNB’s market cap from around $100 billion in mid-July to $182 billion this week demonstrates the rapid development of the network.
Although beset by controversy, BNB’s rapid rise confirms its current position as one of the biggest powers in the digital asset world, reflecting the balance between optimism and skepticism that still dominates the global crypto market.
