The Binance-affiliated digital asset and native coin of the BSC network, BNB, has dropped out of the top five largest cryptos by market capitalization. According to current rankings from the aggregator platform CoinMarketCap, the top five spots are now occupied by Bitcoin (BTC), Ether (ETH), Tether (USDT), Ripple (XRP), and Solana (SOL), respectively.
BNB Ranks Sixth
BNB’s market capitalization reached its 2024 peak in June and is currently at $91.2 billion, putting it in sixth place. This shift in rankings may be attributed to various market factors, including market correction and increased competition among rival digital assets. In all cases, such a move usually reflects changes in investor sentiments.
The performance of the Binance exchange also plays a crucial role in BNB’s value. Negative news or declining trading volumes on the platform may affect the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and adjust their strategies accordingly.
While BNB is ranked 6th, XRP has surpassed several tokens and competes with Tether for the third spot. XRP’s remarkable performance has led to a significant shift in the rankings as investors are now eyeing the token. Meanwhile, Bitcoin is struggling to reach the $100,000 mark.
Is It Over?
BNB’s recent tumble out of the top five largest crypto assets has raised concerns about its future. However, the broader market context and the token’s historical performance must also be considered.
The coin has been among the strongest non-meme altcoins, with a quarterly auto-burn mechanism and a consistently positive Moving average convergence/divergence (MACD) indicator. While its market capitalization is lower than XRP’s and SOL’s, its overall trend remains bullish. Some analysts predict that BNB could surge to over $1,000 if the newly established support holds.
Even though BNB’s current situation may seem uncertain, it is likely far from “over.” The crypto market is known for its volatility, and BNB is not immune. As with any investment, it’s crucial for investors to critically research and set realistic expectations while considering multiple perspectives before making any investment decisions.
Meanwhile, its price performance has seen significant growth, with a year-to-date increase of over 180% and a surge to over $710. The Binance-affiliated token trades at $639 and has experienced a 3.28% price decrease over the past 24 hours.
