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 somewhat been on the sidelines during the 2024 bull run, but has finally managed to emerge as a top performer by soaring past $700 and tapping a new all-time high.
Its market cap has gone on a tear as well, exceeding $100 billion and surpassing companies like UBS, Dell, Starbucks and others.
Binance has been in a legal spat in several jurisdictions, with the most recent and active one against Nigerian authorities. Local company execs were detained while the company is trying to free them, which is not going well for now.
However, the biggest blow against Binance came at the end of last year, when the exchange agreed to pay $4.3 billion in a settlement deal with the US Department of Justice without admitting guilt to failing to incorporate proper anti-money laundering rules.
Moreover, its founder and then-CEO, Changpeng Zhao, had to step down and was later convicted to spend several months in US prison.
Amid these regulatory issues, Binance Coin remained sluggish and failed to take the main stage as BTC did in March when it broke its 2021 all-time high or as ETH did a few weeks back when the US Securities and Exchange Commission approved spot Ethereum ETFs.
Additionally, the current bull run has been dominated by old and newly popping meme coins, so the focus has been far from BNB.
However, that started to change in the past day or so as the fourth-largest cryptocurrency skyrocketed by nearly $100 from $625 to a new all-time high of $715 market earlier today.
Despite retracing slightly since then, BNB still stands above $700 and its market cap is close to $110 billion.
As such, BNB has surpassed some giants of the traditional world like UBS, State Bank of India, Dell, Hitachi, Starbucks, and AirBNB in terms of market cap.
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