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Business News/ Markets / Cryptocurrency/  The number 3 cryptocurrency, with 1,300% rally this year, outshines rivals Bitcoin and Ether
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The number 3 cryptocurrency, with 1,300% rally this year, outshines rivals Bitcoin and Ether

Among the three largest cryptocurrencies by market value, Binance Coin significantly outperformed its two larger rivals Bitcoin and Ether

cryptocurrency Binance Coin representation is seen in this illustration (REUTERS)Premium
cryptocurrency Binance Coin representation is seen in this illustration (REUTERS)

Bitcoin and Ether's rival, which is the three largest cryptocurrency by market capitalization, Binance Coin (BNB) has significantly outperformed the two most popular digital tokens. Binance coin has skyrocketed nearly 1,300% this year (year-to-date).

BNB is used widely on Binance, the world’s biggest crypto exchange by volume. It is also the native currency of Binance Smart Chain, a blockchain platform that supports smart contracts for use in decentralized finance (DeFi) and other applications.

Meanwhile, Bitcoin is up 62% in 2021 whereas the second largest cryptocurrency, Ether has surged more than 400% during the said period. Tuesday. Bitcoin, famed for its volatility, has shed more than $21,000 since hitting a record in early November.

On the other hand, Ether, the token of the Ethereum network, has outperformed Bitcoin from the adoption of blockchain technology by financial technology companies, and perhaps more notably the popularity of non-fungible tokens (NFTs) in the art and gaming worlds.

As a blockbuster year for cryptocurrencies ticks to a close, other alternative coins, or altcoins, also saw major gains in 2021. Many coins other than the largest few have posted spectacular runs this year. Coins such as Dogecoin, Cardano and Shiba Inu, previously relegated to the most speculative corners of the market, have turned into household names this year. Solana and Fantom, coins connected with other blockchain platforms that support smart contracts, outpaced Binance Coin’s returns, for instance.

Cryptocurrency prices went on another roller coaster this past year, surging, plunging and then cycling again. El Salvador became the first country to make Bitcoin legal tender this year whereas the first exchange-traded fund tied to Bitcoin futures also began to trade.

(With inputs from Bloomberg)

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Published: 30 Dec 2021, 11:29 AM IST
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