As of April 12, Binance Coin was trading slightly above the $580 mark. This is an all-time high for the currency and a significant milestone in its bullish rally. Cryptocurrencies have been on a bullish trend for the first quarter of 2021. Since the beginning of this year, Binance Coin has recorded a 1500% growth. Its daily growth rate for the past 24 hours stands at over 23%. This places it among the best-performing cryptocurrencies.
Binance Coin now boasts of having almost 35% of Ethereum’s market cap going with the current prices. To reach and overtake Ethereum’s market cap, Binance Coin needs to triple its value. This is a possibility if the growth trend for the currency is anything to go by.
The growth of BSC technology
In recent months, Binance Smart Chain (BSC) technology is preferred over Ethereum due to its low fees. The technology’s reach and influence are also growing by the day, contributing to a higher market cap.
As the BSC platform continues to expand, Binance Coin’s price will inevitably go along with it. BSC is now becoming the preferred technology for new DeFi protocols. Investors have also affirmed BSCs superiority over Ethereum, stating that there are two times more transactions on BSC than on Ethereum.
DeFi Developers prefer BSC to ETH
One of the reasons why BSC is preferred to ETH is its low costs and high speeds. The Ethereum platform has witnessed a price hike, and transactions are lagging due to slow speeds. DeFi developers are therefore looking for better alternatives, among them BSC. BSC also offers several assets that are not available on DeFi protocols that run on Ethereum.
The growth of Binance Coin heavily depends on Ethereum’s market trends. With all cryptocurrencies being on a bullish trend, it is almost impossible to predict the one that will emerge as the winner. Ethereum’s prices are also rising, which means that its market cap will also grow. However, Binance Coin’s massive daily and weekly growth rates push it closer to surpassing Ethereum’s market cap.