Crypto markets have been on a tear recently, with Bitcoin and a host of altcoins hitting all-time highs. One of the biggest beneficiaries of the surge has been Binance Coin (BNB), the native token of the world’s largest crypto exchange, Binance.
BNB has seen its price skyrocket over the past few weeks, reaching an all-time high of $400 on May 5th. This marks a staggering increase of over 500% since the start of 2021, and a whopping 8,000% since its launch in 2017.
The surge in BNB’s price can be attributed to a number of factors. Firstly, Binance is the world’s largest crypto exchange, with a daily trading volume of over $100 billion. This gives BNB a wide user base and a large amount of liquidity.
Secondly, BNB has been gaining traction as a payment currency. Binance recently launched its own payment platform, Binance Pay, which allows users to pay for goods and services using BNB. This has helped to increase the token’s utility and has likely contributed to its price surge.
Thirdly, BNB has benefited from the overall surge in crypto markets. As more investors flock to crypto, they’re increasingly turning to BNB as a way to gain exposure to the market.
Finally, Binance has been actively promoting its native token. The exchange has been running a series of promotions, such as airdrops and discounts, to encourage users to buy and hold BNB.
All in all, it’s clear that BNB is one of the biggest beneficiaries of the current crypto bull run. With its wide user base, increasing utility, and active promotion, it’s no surprise that BNB has been soaring to record highs.