Cryptocurrencies acquired traction for their uncontrolled growth in just a brief period. BTC came into action in 2009 and later is triggered the introduction of many other cryptocurrencies that are popular as altcoins. The altcoin is also a cryptocurrency, but digital coins are classified in altcoins rather than bitcoin.
Two famous altcoins are ether and binance coin as per coin market cap. Ether and binance coin have different fundamentals and different technologies while operating. Check website of bitcoin era to know how cryptocurrency trading works. Binance coin is the leading altcoin to show maximum growth consistently in the past year. Below are some facts regarding binance dramatic rise in just one year and why it surpassed the growth factor of popular cryptocurrencies like BTC and ether.
What is Binance Coin?
Like ether, binance coin is the famous digital currency of a foreign exchange, binance. Binance is a Hong Kong-based cryptocurrency exchange that offers various altcoins for cryptocurrency trading.
Binance exchange released the binance coin after operating for one year globally. Binance exchange released this famous coin as a currency for paying transaction fees. On binance, you can convert any possible cryptocurrency to binance and vice versa.
Binance gained 1300% in the last year!
As per the reports, binance is the only robust and consistent altcoin to experience growth in just one year. Leading digital currencies of all time, BTC and ether, have experienced merely 65% and 500% growth, respectively. Undeniably such growth is entirely appreciable, but compared with the growth of binance coin over the last year, these currencies have grown nominally.
How does Binance surge by 1300%?
There are plenty of reasons why binance surged by 1300% this year, let’s discuss these reasons in depth.
Binance as a currency!
As discussed above, binance is one of the leading cryptocurrencies of all time. The foreign exchange, binance, developed and released this currency to facilitate transactions using binance coins on their platform. With binance being a viral cryptocurrency exchange in 2021, the investment in binance coin also skyrocketed; you might wonder why. If you buy a cryptocurrency on a binance exchange using the binance coin, you have to pay significantly less the transaction fees.
Moreover, one can convert and exchange binance coins with every possible altcoin. BUSD is also one of the leading Stablecoin developed by binance exchange. For buying BUSD, you will have to buy a binance coin at first. The hottest swapping platform, Pancake swap, allows you to exchange almost every cryptocurrency using BnB.
Binance smart chain!
Binance bright chain is one prominent reason why binance coin has surged. Binance bright chain is just like ethereum blockchain but with more advanced and convenient features. Ethereum was the leading launchpad for decentralized apps, but since binance came into action, it outplayed the model of Ethereum very gracefully.
Binance bright chain contains features like smart contracts and all other features that a Launchpad consists of. Binance bright chain has fueled the development of decentralized finance apps and other NFT games. The intelligent chain NFT game developers prefer is only a binance innovative chain. The binance intelligent chain is the favourite launch pad amongst these game developers because of its nominal gas fees for each contract and exchange.
Famous games built on binance bright chain are bomb crypto, hinterlands, crypto cars, crypto plans, and many more. On the contrary, Ethereum levies a gigantic extent of gas fees for each transaction. The gas fees people pay on the Ethereum blockchain can extend up to $30. Think of gas fees as transaction fees on executing transactions and smart contracts on the intelligent chain. On the other hand, binance smart chain levies merely a few cents as gas fees. You might think about how the binance innovative chain has fueled the value of the binance coin.
For paying this gas fee on the binance bright chain, you must have a binance coin in your cryptocurrency wallet. In short binance smart chain levies the gas fees in the form of a binance coin. Since there are multiple projects based on BSC, people are buying more and more, paying the gas fees, and converting this currency to another currency.