Binance Coin which currently has a market capitalization of more than 4% of all digital currencies recently saw a surge in BNB Price and ETH Price which has caused Bitcoin’s market dominance to plummet. On Thursday, the overall market capitalization of cryptocurrencies surpassed $2.1 trillion.
The third-largest cryptocurrency has increased its market capitalization to become one of the largest cryptocurrencies in the world. BNB is now ranked third, behind Bitcoin and Ethereum, after a 100% rally since the beginning of the month.
Binance Coin Regains $90 Billion Market Cap
The world’s third-largest cryptocurrency, Binance Coin (BNB), jumped nearly 10% on Thursday, reclaiming a market cap of $90 billion.
Binance Coin has held support at a higher price range throughout the latest bull run. BNB is currently valued at $615.12, up from $40 at the end of January. The asset was listed third in the charts with a market cap of $91 billion, and in terms of trends, another bullish break over the long term is possible.
In other news, the regular transactions on BSC reached the 9 million mark on April 21, according to block explorer and analytics tool BSCScan, reflecting a 25,700x year-to-date rise.
A significant addition to BNB whales.
Large investors, on the other hand, have been rapidly accumulating Binance Coin. On-chain data reveals a large rise in addresses holding millions of dollars in Binance Coin, dubbed “whales” by the community.
Over the last three weeks, approximately 28 new addresses carrying 10,000 to 1,000,000 BNB have entered the network, marking a 17% rise in that period. These whales are worth between $60 million and $600 million in BNB at current prices.
BNB Price shows upside potential
On April 24, the Market Value to Realized Value (MVRV), which calculates the average profit or loss of BNB token buyers, entered the “opportunity zone.” When it fell below 0%, it indicated that Binance Coin was undervalued. Since then, the value of this cryptocurrency has increased by more than 20%, whereas the 30-day MVRV has increased to 13%.
Despite recent gains, BNB may still have space to rise further. The last time the 30-day MVRV fell below 0% was in late March, which was followed by a 190% price increase.