Key points:
The market capitalization of $BNB rose to $177.97 billion, surpassing Tether (USDT) at $177.55 billion, according to CoinGecko.
The token rose by 4.7% in 24 hours, reaching a daily high of $1,275.66 - its strongest performance in months.
The BNB network has seen record activity, with the total value locked (TVL) on the Astr Protocol rising by 570% to $2.34 billion.
Institutional demand and ecosystem upgrades continue to drive BNB's rise as the broader cryptocurrency market exceeds $4.23 trillion in total market capitalization.
BNB has surpassed $XRP to become the third largest cryptocurrency by market capitalization, according to CoinGecko data.
As of October 7, the market capitalization of BNB is $177.97 billion, slightly surpassing XRP at $177.9 billion. This achievement came with a 4.71% increase in the price of BNB over the past 24 hours to $1,275.66, driven by increased trading activity, institutional inflows, and expanded on-chain participation.
BNB chain activity reaches its highest levels in several months
According to #TokenTerminal and #DeFiLlama , the BNB chain has regained its status as the most #blockchain used by active addresses, surpassing Solana and Ethereum. This growth coincides with a massive increase in decentralized trading and borrowing, particularly on the Aster protocol, where the total value locked surged by 570% to $2.34 billion.
Meanwhile, Binance's ongoing efforts to integrate Web3 - including #Alphapoints programs, wallet events, and Launchpool campaigns - have drawn users back to the BNB ecosystem. The recent reduction of gas fees on the network to 0.05 Gwei has boosted user retention and developer adoption.
Institutional demand and overall support
Institutional investors continue to accumulate BNB amid growing confidence in its long-term utility and deflationary supply model. Several regional investment funds, including those in Kazakhstan and Southeast Asia, have added BNB to their digital asset portfolios.
Market sentiment has also benefited from expectations that the Federal Reserve will lower interest rates later this year, boosting capital flows into risk assets and large-cap crypto.
BNB against Bitcoin, Ethereum, and the broader market
While Bitcoin ($BTC ) remains dominant at $124,131 with a market cap of $2.47 trillion, and Ethereum (ETH) trades around $4,681 with a market cap of $565 billion, BNB's rise past Tether highlights investor preference for yield-bearing assets over exposure to stablecoins.
The total market capitalization of cryptocurrencies has now reached $4.23 trillion, with Bitcoin dominance at 58.3% and BNB strengthening as a leading player among altcoins.
