Binance Coin and consorts conquer the crypto market
The crypto market now has a market capitalization of $ 1.76 trillion. With 1.05 trillion, the lion’s share of this is accounted for by the crypto key currency Bitcoin (BTC) – it is not for nothing that one speaks of “Bitcoin dominance”. But the latter has been on a downward path since the beginning of the year, despite regular new Bitcoin price records. At the time of going to press, Bitcoin made up 62.2 percent of the market capitalization – around 10 percent less than at the beginning of the year.
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Jointly responsible for the shrinking share that Bitcoin has in the total market capitalization: strong price gains in exchange tokens. Binance Coin (BNB), Huobi Token and Co. have now secured a 4.7 percent share of the crypto market. Of this 80 billion US dollars, a whopping 42.8 billion is accounted for by BNB, which has recently seen exorbitant price increases.
However, Binance Coin is only the spearhead of a development that has clearly picked up speed in recent weeks. Because other exchange tokens are currently printing impressive green candles in the charts.
Binance Coin (BNB)
Binance Coin recently delighted its holders with a price spurt that had catapulted BNB to over 300 US dollars. After a correction, BNB can still show a full week plus of 114 percent.
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This chart speaks volumes: Since the beginning of the year, the BNB rate has increased more than sixfold. BNB offers traders on Binance a discount on trading fees, which is currently 25 percent. This is halved annually – after July 2022 it will be eliminated entirely. But Binance always had plans for BNB that go far beyond the use of a “discount code”.
Binance Smart Chain (BSC)
The main course driver behind the rally is the growing adaptation of the Binance Smart Chain (BSC) for DeFi applications. BSC promises a functionality similar to Ethereum, only with higher speed and lower gas fees (network fees). It is the latter that make DeFi an unprofitable business, especially for small investors. In times of high network loads – a permanent condition with Ethereum – it can happen that the gas fees exceed the value of a transaction.
The network has 21 validators that confirm transactions on the BSC. In principle, anyone can apply as a validator (provided they have enough change); but Binance has the final say on whether a validator can join the BSC.
The BNB is at the heart of the smart chain ecosystem.
The re UNI acts as a governance token. Among other things, his holders have a say in how the protocol’s cash reserve is distributed.
With a 30-day growth of 193 percent, UNI not only reflects the general growth trend in the crypto markets, but also the ongoing boom in decentralized financial services (DeFi).
CRO, the utility token of the crypto platform Crypto.com, shows that decentralization is not a basic requirement for exorbitant price increases.
The y range from 1 percent (no CRO stake) to 8 percent per purchase (with a 5,000,000 CRO stake).
In addition, CRO is distributed as a reward for the validators in the Crypto.com network.
While Binance Coin and CRO have a semi- and a fully centralized coin occupying places 1 and 3, Uniswap is holding up the flag of decentralization with a strong second place. What all three have in common is that their growth signals an increased interest in cryptocurrencies in general.
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