Markets
Binance Coin (BNB) hits new all-time high, market cap higher than UBS and Starbucks
The native token of the world’s largest cryptocurrency exchange was somewhat sidelined during the 2024 bull run, but eventually managed to emerge as one of the top performers by surpassing $700 and reaching a new historic peak.
Its market capitalization has also grown, surpassing $100 billion and outpacing companies like UBS, Dell, Starbucks and others.
Binance has been facing a legal feud across multiple jurisdictions, most recently and most actively against Nigerian authorities. Local business executives were arrested as the company attempted to free them, which is does not go well for the moment.
However, the biggest blow to Binance came late last year, when the exchange agreed to pay $4.3 billion in a settlement agreement with the U.S. Department of Justice, without admitting guilt for failing to incorporate appropriate anti-money laundering rules.
Additionally, its founder and then CEO, Changpeng Zhao, I had to resign and was subsequently sentenced to spend several months in prison in the United States.
Amid these regulatory issues, Binance Coin has remained slow and failed to take center stage like BTC did in March when it broke its 2021 all-time high or like ETH did so a few weeks ago when the U.S. Securities and Exchange Commission approved Ethereum spot ETFs.
Additionally, the current bull run has been dominated by old and new coins, so the focus has been away from BNB.
However, that has started to change over the past few days, as the fourth-largest cryptocurrency climbed almost $100 from $625 to a new all-time high of $715 earlier today.
BNBUSD price/chart 05.06.2024. Source: TradingView
Despite a slight decline since then, BNB still sits above $700 and its market cap is close to $110 billion.
As such, BNB has exceeds some giants of the traditional world like UBS, State Bank of India, Dell, Hitachi, Starbucks and AirBNB in terms of market capitalization.