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01 March 2021

Bitcoin Meets 'Torrent' as Lowly Binance Coin Gets $40B Valuation - CoinDesk

Bitcoin Meets 'Torrent' as Lowly Binance Coin Gets $40B Valuation - CoinDesk

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Bitcoin Meets 'Torrent' as Lowly Binance Coin Gets $40B Valuation.

Binance coin (BNB), the in-house in-house token from the similarly named cryptocurrency exchange, has soared this month to a $40 billion market capitalization, ranking it third among all digital assets behind bitcoin and Ethereum’s ether (ETH). .

Jeffrey Gundlach, CEO of the $130 billion DoubleLine Capital and one of the world’s most renowned bond investors, tweeted Thursday that he was a “long-term dollar bear” and that bitcoin was “maybe the Stimulus Asset” and that it “doesn’t look like gold is.” Gundlach previously had said he didn’t believe in bitcoin.

According to Messari, that valuation makes Binance coin the third-biggest digital asset after bitcoin and Ethereum’s ether

So the jump in BNB’s price might reflect speculation that Binance, already one of the world’s biggest cryptocurrency exchanges by trading volume, will occupy a dominant role in the future of fast-growing digital-asset markets.  

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