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This altcoin has fared significantly better than Bitcoin and Ethereum in 2021

Even if the crypto market went into reverse gear towards the end of 2021, the annual performance of most coins is impressive. But not Bitcoin or Ethereum have gained the most – an altcoin has left the established cryptocurrencies behind in terms of price increases.

• Strong crypto year 2021 ended
• Binance Coin has significantly outperformed Bitcoin and ETH
• Binance founder one of the 10 richest people in the world

The crypto veteran Bitcoin rose by around 60 percent in the old year, for the number two among the digital currencies, Ethereum, it even went up by 400 percent – despite the enormous headwind that the cybercoins met at the end of 2021. However, the largest representatives of the digital currencies did not fare the best with this, as a glance at number 3 by market capitalization shows.

Almost 1,300 percent increased

Binance Coin went up 1,269 percent, leaving its two major competitors far behind in terms of performance. The currency initially had a restrained start to the year and was only able to sustainably break out of its sideways movement in February.

The reason for the significant price increase is not to be seen in a greater acceptance of the Binance Coin in the mainstream. The digital currency is mainly used as a means of payment for transaction fees and functions on the Binance crypto exchange. The trading volumes there had increased so much in the old year that the Binance Coin moved up to third place in the crypto universe – behind Bitcoin and Ethereum. In addition, the possibilities that the Binance Smart Chain is believed to have proved to be a price-driving factor for the original coin: as a blockchain for smart contracts, it is considered a serious competitor to Ethereum.

Binance founder richest crypto billionaire

The success of crypto exchange Binance has brought billions to the company’s founder, Changpeng Zhao. Bloomberg estimates the Chinese’s fortune at $96 billion, which would put him in the top 10 richest people in the world.

The business portal did not take into account the entrepreneur’s personal crypto holdings – the Binance Coins in his possession should make Changpeng Zhao even more wealthy, especially after the rally in 2021.

Other altcoins on the rise in 2021 as well

Binance Coin isn’t the only Bitcoin alternative to see strong gains in value in 2021. Solana and Fantom, for example, performed even better than the crypto exchange’s original coin last year. “While Bitcoin has shown strength in 2021, we have seen a steady flow of capital into altcoins,” crypto data analysis firm Arcane Research wrote in a note cited by Bloomberg. The company’s analysts predict the strongest momentum in tokens related to Metaverse and GameFi, along with “ETH killers” targeting Ethereum.

Editorial office finanzen.at

Reference-www.finanzen.at

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