Binance Coin (BNB) Skyrockets to New All-Time High, Market Cap Bigger Than UBS, Starbucks

The native token of the world’s largest cryptocurrency exchange has been somewhat on the sidelines during the 2024 bull market, but has finally emerged as a top performer, surpassing the $700 mark to hit a new all-time high.

The company’s market capitalization has also soared, surpassing $100 billion, overtaking companies like UBS, Dell, and Starbucks.

Binance has been embroiled in legal battles in several jurisdictions, most recently and actively with Nigerian authorities, where company executives have been detained and the company has been trying, so far unsuccessfully, to secure their release.

However, the biggest blow to Binance came late last year when the exchange agreed to pay $4.3 billion to settle with the US Department of Justice without pleading guilty to failing to implement adequate anti-money laundering regulations.

Additionally, the company’s founder and then-CEO, Zhao Changpeng, was forced to resign and was subsequently convicted and served several months in a U.S. prison.

As these regulatory issues continue, Binance Coin has continued to languish and has failed to take center stage like ETH did when BTC hit a new all-time high for 2021 in March, or when the U.S. Securities and Exchange Commission approved a spot Ethereum ETF a few weeks ago.

Additionally, the current bull market is dominated by old and new meme coins, so attention on BNB has shifted far and wide.

But that has begun to change in the past few days, with the world’s fourth-largest cryptocurrency surging by almost $100 from $625 to an all-time high of $715 early today.

BNBUSD price/chart June 5, 2024. Source: TradingView

Despite a slight drop since then, BNB still stands at over $700 and a market cap of nearly $110 billion.

Therefore, BNB Beyond In terms of market capitalisation, there are some of the traditional global giants such as UBS, State Bank of India, Dell, Hitachi, Starbucks and AirBNB.

0 Comments

Leave a Comment