Home / Crypto News / Coin of the Bitcoin exchange Binance (BNB) overtakes IOTA and Monero in terms of market capitalization

Coin of the Bitcoin exchange Binance (BNB) overtakes IOTA and Monero in terms of market capitalization

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Binance Coin (BNB) is the in-house token of Binance crypto exchange. In terms of market capitalization, Binance Coin has continued to grow. So she was able to displace the current number Twelve, IOTA, from their place recently. At the time of writing, Binance Coin had a market capitalization of over $ 910 million.

Binance boss is looking forward to Twitter

The CEO of Binance, Changpeng Zhao (called “CZ”), was very pleased and grateful. He wrote to his 273,000 followers on Twitter:

“Wow, I just did not see it. 12 is the new 13th day after day, bear or bull, we build up, we accept. Thank you for your support for BNB [Binance Coin] and Binance. We keep pushing at 11, 10 and higher … “

For this he published a message from the user “CryptoBatman”, which read:

“There's a new flip ring, BNB [Binance Coin] has passed IOTA. BNB is now the twelfth largest coin in terms of market capitalization. Forward to a place in the top 10! “

At the time of going to press IOTA slipped even further and finished 14th. In 13th place, the privacy-oriented cryptocurrency Monero had been pushed. The advantage of Monero, however, was scarce and amounted to only about 200,000 USD. For example, IOTA had a market capitalization of approximately $ 771,460 million, while Monero had capitalized approximately $ 771,672 million. To recapture Binance Coin's twelfth place, IOTA would have to raise a whopping $ 139 million.

Binance Coin does not seem to stop

ZyCrypto recently reported that the Binance Coin is one of the ten most promising coins. The recent upswing seems to underline this. It's also interesting that the coin has now crossed the important price mark of $ 7.

To keep and increase the value of the in-house coin, Binance Crypto Exchange conducts periodic repurchases. These are done once a quarter. Payment is made through the proceeds of the crypto exchange. The repurchased coins then annihilate Binance. Since the number of tokens generated is limited to 200 million, so is a deflation. That rewards those who invest in the coin. On the website of Binance it says: Binance Coin at eToro

“Each quarter, we will use 20% of our profits to buy back and destroy BNB [Binance Coin]. That is, until we have bought back 50% of all BNB (100 million). All repurchase transactions are announced at the Blockchain. In the end, we will have destroyed 100 million BNB, leaving 100 million BNB “.

Add to that another advantage. This allows users to save on trading fees when they pay on Binance with the Binance Coin. That too may have contributed to the current rise of the coin.

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/coin-der-bitcoin-boerse-Binance-bnb-ueberholt-iota-und-monero-bei-marktkapitalisierung/

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