Binance Coin Outperforms Bitcoin and Ethereum in 2021
In 2021, the usual beacons of cryptocurrency sector lost momentum to altcoins that offered higher returns on investment (ROI). According to the academicians, the tendency is likely to persist. Binance Coin, often known as BNB, was the most successful of the three major cryptocurrencies by market capitalization, outperforming its two bigger competitors, Bitcoin and Ether.
As per Arcane Research, the cryptocurrency, which was created by cryptocurrency exchange Binance Holdings, appreciated by almost 1,300% this year. In contrast, the numero uno crypto Bitcoin gained 65%, while Ether, the second-largest cryptocurrency, rose by 408%. BNB is a cryptocurrency that is commonly utilized on Binance, which is the arguably the world’s largest cryptocurrency exchange in terms of transaction volume.
BNB is also the native crypto of Binance Smart Chain, a blockchain technology powered platform facilitating smart contracts for utilization in decentralized finance (DeFi) and other activities, as well as many other blockchain platforms. The value of BNB coin was fueled by its ability to challenge Ethereum, as per Arcane Research.
Many cryptocurrencies, often referred to as “altcoins,” made significant increases in 2021, benefiting from an increase in investor sentiment in cryptoassets as well as the evolution of the cryptocurrency industry, according to CoinMarketCap. Solana and Fantom, two cryptocurrencies linked to certain other blockchain solutions that allow smart contracts hosting, outperformed the gains of Binance Coin, for example.
The research group stated in a report that “although Bitcoin exhibited gains in 2021, we’ve witnessed a continual flood of wealth seeping down towards altcoins.” The largest impetus, according to the company’s experts, would be seen in tokens associated to the metaverse and GameFi, as well as “ETH-killers” that target the Ethereum blockchain.