While it has not been as busy a time for the price of Bitcoin, which has been rising slowly and steadily, a lot of the action has come from a few key altcoins that are reaching new all time highs.
Ethereum, the second-largest coin by market cap, has been growing well in recent times thanks to its upgrade to Ethereum 2.0 and the general market condition. It reached a few new all time high on Wednesday when it crossed to $1,684 at its top.
However, there is a new altcoin hitting highs as the Bonance Native Token, BNB, has reached its new all time high today, peaking over $54. This move from the token has seen it overtake struggling Bitcoin fork, Bitcoin Cash, in terms of overall market cap as BNB now ranks in ninth.
It is of course good news for these selected altcoins, however, there are concerns for Bitcoin Cash as it looks in danger to drop out of the top 10 with Stellar less than $700 million short of it in market cap.
Big for Binance
Binance remains one of the top exchanges in the world and its influence can not be understated. The growth of its coin also speaks to the value of the exchange and the rest of the cryptocurrency endeavours being undertaken by the company.
Interestingly, the boom for Binance seems to have something to do with another altcoin — Doge — which has seen huge growth and volatility as Elon Musk continues to tweet about the meme coin sending its price up and down.
The rush to buy Doge in the wake of the Musk pump has seen the volume boom on Binance and sent BNB’s price rising.
BNB also forms one of the cryptocurrencies supported by Binance Pay, Binance’s latest product, which launched as a beta version this week. Both Bitcoin and Ether are also available for use in the payment gateway, along with the Binance USD stablecoin, Swipe Token and the euro as a fiat currency option.