The founder of Binance praises the performance of the digital currency BNB and its reaching a new level
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Answer The founder of Binance praises the performance of the digital currency BNB and its reaching a new level
Changpeng Zhao, CEO of Binance, praised the performance of BNB, the original digital currency of the Binance ecosystem, as BNB managed to reach a new high against Bitcoin.
Earlier this Thursday, the cryptocurrency BNB reached a new peak of 1,335 satoshis.
BNB has significantly outperformed Bitcoin despite the fact that there is a pervasive sense of risk aversion.
The BNB/BTC pair is now up 64% from its May 12th low of 812 satoshis.
BNB remains the fifth largest cryptocurrency by total market capitalization.
Read:Binance CEO Praises Bear Market and Winter Crypto and Explains Why!
The current total market capitalization of BNB is estimated at $49 billion.
The cryptocurrency is currently trading at $304.
In a recent tweet, Changpeng Zhao told Binance CEO that he only checks the price of BNB when someone sends it to him, or in cycles of a week or so.
At the height of the 2021 bull run, which occurred in early November, the BNB cryptocurrency market capitalization peaked at over $101 billion.
According to CoinGecko data, the price of BNB is currently down by 55.60% from its all-time high.
Notably, Binance’s native cryptocurrency has managed to outperform both Bitcoin and Ethereum during the ongoing bear market, with Bitcoin and Ethereum dropping 66.48% and 66.03%, respectively, from their record highs at the time of writing.
Despite the performance of the digital currency BNB, there is a cloud of legal uncertainty hanging over the BNB currency.
According to some reports, the US Securities and Exchange Commission has launched an investigation to determine whether BNB is in fact an unregistered security.
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But Binance co-founder Yi He stressed that BNB is not a security token in a recent interview.
She told that BNB is actually a utility token that supports the entire Binance ecosystem.
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