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

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

Binance Coin (BNB) has reached unprecedented heights, breaking above $700 for the first time. The native token of the world’s largest cryptocurrency exchange had been relatively quiet during the 2024 bull run but has now surged to a new all-time high, soaring past the $700 mark.

BNB’s Market Cap Surpasses Major Corporations

BNB’s market capitalization has experienced significant growth, now exceeding $100 billion. This milestone puts BNB ahead of global giants such as UBS, Dell, Starbucks, and other notable companies in terms of market cap.

Legal Challenges and Regulatory Hurdles for Binance

Despite its financial success, Binance has faced its share of regulatory and legal challenges across various jurisdictions. Recently, the company has been embroiled in a legal dispute with Nigerian authorities, leading to the detention of local company executives. Efforts to resolve these issues are ongoing but have yet to yield positive results.

Moreover, Binance encountered significant setbacks last year when it agreed to pay $4.3 billion in a settlement with the US Department of Justice. The settlement was reached without an admission of guilt for failing to implement adequate anti-money laundering measures. Following this, Binance’s founder and then-CEO, Changpeng Zhao, stepped down and later faced several months in US prison.

Comparative Performance with Other Cryptocurrencies

During this time, Binance Coin lagged while other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) captured headlines. Bitcoin notably broke its 2021 all-time high in March, while Ethereum gained attention a few weeks ago when the US Securities and Exchange Commission approved spot Ethereum ETFs.

BNBUSD Price/Chart 05.06.2024. Source: TradingView

BNB Breaks Out Amid Bull Run Dominated by Meme Coins

The recent bull run has predominantly been led by both old and new meme coins, shifting focus away from BNB. However, this began to change recently when BNB surged nearly $100 in a day, moving from $625 to a record high of $715. Although it has retraced slightly, BNB still maintains a price above $700 with a market cap approaching $110 billion.

BNB Now Rivals Major Traditional Market Players

This remarkable ascent has positioned BNB to surpass several stalwarts of the traditional economic sector, including UBS, State Bank of India, Dell, Hitachi, Starbucks, and Airbnb, in market cap. As BNB continues to climb, it not only reshapes its standing within the crypto community but also challenges the valuation norms of some of the most established global companies.

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