By Shelly Melancon (Switzerland)
- With the astronomical rise of Binance smart chain coins, the Binance coin is now at an all-time high of over $270.
- Rising altcoins have lessened bitcoin’s crypto market dominance.
- Bitcoin price is now steady at about $52k.
After exceeding a new price high of over $52,600, BTC is now a bit stable at a little below $52,000. Conversely, several other altcoins have experienced a value explosion. One of them is Binance smart chain coins; it has set a new price record and has lessened bitcoin’s domination of the cryptocurrency by almost 60.5%.
Exchange Coins Are Now Off the Charts.
Like bitcoin’s price steadiness in the last 24 hours, other large-cap altcoins have also maintained a steady price. At almost a 2% increase, Litecoin and Ethereum are now at $230 and $1,920, respectively. In the same vein, ripple, Cardano, Polkadot, Bitcoin Cash, and Chainlink have not experienced any significant losses over the same period. But, Binance coin’s 50% price surge makes it a clear exception, and at over $270, BNB marks another all-time high. Having traded at $125 on Wednesday, this native crypto’s value from this famous exchange is now more than doubled. Hence, BNB has overtaken tether as the third-largest cryptocurrency based on market cap.
The good news is that other exchange coins have also experienced massive surges. FTX’s FTT experienced a 70% increase from Monday to rise above $30, Huobi’s HT is now almost $20 after experiencing a 60% price jump, and OKEx’s OKB is now $12 after a 50% surge within two days.
The following altcoins have experienced a varying price increase within the past day. Here they are in order of increasing percentage price value; Ren (20%), ICON (22%), Voyager Token (26%), Ravencoin (37%), Venus (47%), Golem (70%), and PancakeSwap (80%) which pushes its price to $18.
Based on this 24-hour trading volume, PancakeSwap is now the second-highest ranked project on Binance smart chain – the first is UniSwap. Generally, most of the coins built on the Binance smart chain experienced tremendous price increase within the past few days. Those price surges are not unconnected to the influx of new investors into the cryptocurrency universe. Consequently, the total market cap was almost $1.6 trillion – setting a new peak.
Bitcoin Steadies a Little Below $52k
The leading cryptocurrency also scaled new heights in the past days as it exceeded the $50,000 price for the first time, and it is on record that it even exceeded $52,600 yesterday. However, this asset steadied in the next few hours and declined slightly to $50,500. Nevertheless, the bulls prevented any further decline to push the price to almost $51,500 – its current price level. While BTC has reclaimed some of its value, the altcoins’ price surge has reduced its market dominance again. After surging past 62% some days back, there has been a 60.3% drop in the metric that compares bitcoin’s market capitalization with other cryptocurrency assets.
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