BNB, the native token of Binance’s BNB Chain , has bounced 66% from its $183 low in mid-June. The move consolidates its position as the third-ranked cryptocurrency (when stablecoin market caps are removed) and reflects a $50 billion market capitalization. BNB has outperformed the broader altcoin market capitalization after a devastating 73% correction that began in November 2021.
The above chart displays how this smart contract blockchain network suffered during the recent market collapse and how similar movements happened across the altcoin market. Now that BNB price has reached $300, let’s take a look at how the asset is positioned compared to July 2021 when it traded for the same price.
Is BNB’s market cap and valuation justified?
Back in July 2021, the altcoin market capitalization stood 21% higher at $740 billion. Bitcoin (BTC) and Ether (ETH) had already established themselves as the market leaders, but the dispute for the third position was far from settled, at least in terms...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...