Ripple publishes the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of crypto generally including the XRP market, such as quarterly sales updates, relevant XRP-related announcements and commentary on previous quarter market developments. 

As an XRP holder, Ripple believes proactive communication and transparency are part of being a responsible stakeholder. Moreover, Ripple urges others in the industry to follow its lead to build trust, foster open communication and raise the bar, industry-wide.

Executive Summary 

The first quarter of 2021 was an exceptionally strong period for crypto. Total crypto market capitalization ballooned from ~$800B to almost $2T in the span of three months, and institutional adoption was once again a key driver of this gain. Morgan Stanley and Goldman Sachs individually announced plans to include BTC as part of their wealth management offerings, while BlackRock began trading BTC futures. 

Over $3B worth of BTC ended up on the balance sheets of publicly traded corporations, which is roughly the value of all institutional purchases in 2020, and the industry saw a large-scale commercial use case when Tesla announced it began accepting BTC directly for payments. While there have been commercial uses of crypto including BitPay and Ripple’s On-Demand Liquidity solution for years, Tesla is one of the first examples of a large non-financial services player jumping into the industry. 

As more sophisticated participants began entering the space, markets also became more leveraged, evidenced by the growth of derivative markets. Open interest in BTC and ETH futures tripled in the first quarter in February, which saw open interest grow to $150M from 0 during the quarter. Open interest in XRP futures doubled from $250M to $500M. That number temporarily shot up to $2.1B in the first two weeks of Q2. 

The growth of leverage is further exemplified by the number of forced liquidations that occurred in Q1. Three separate events individually contributed to $1.5B in liquidations across derivative exchanges when BTC price fell by only 10%. To put that into perspective, the 50% BTC crash in March 2020 which was dubbed Black Thursday, led to a total of $1.4B in liquidations.

The State of U.S. Crypto Regulation 

As we have said from the very beginning, the SEC’s lawsuit against Ripple will have a profound impact on the crypto and fintech industry as a whole. A healthy market requires regulatory clarity and consistency, but the SEC’s current approach – regulation by enforcement – has caused havoc for U.S. XRP holders, developers, content providers and small businesses that use and rely on XRP and the XRP Ledger. The U.S. crypto industry needs a clear path forward and, as the lawsuit continues, we hope its outcome will provide some of the regulatory certainty that’s desperately needed for industry maturation and progress for all market participants in the U.S.

Key lawsuit updates since the previous report:

On-Demand Liquidity (ODL) Momentum Continues 

To meet growing demand for ODL, Ripple agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. This partnership will help Ripple expand the reach of ODL to the APAC region, starting in Southeast Asia and supporting existing corridors such as the Philippines.

Disciplined, Responsible Stakeholders: Q1 Sales and Purchases 

Last quarter, total XRP sales by Ripple, net of purchases, were $150.34M (USD) vs. $76.27M the previous quarter. The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.

Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments. 

Total sales by Ripple, net of purchases, ended the quarter at 7 bps or 0.07% of global XRP volume according to CryptoCompare TopTier (CCTT) volumes. This is compared to total sales in the previous quarter of 5 bps according to CCTT. 

*ODL-related sales include leases, OTC and XRP sales to support ODL (including Line of Credit) and key infrastructure partners. 

**Note: Figures were compiled using the CryptoCompare API for daily TopTier aggregate volumes which reflects total XRP volume in dollars by exchanges that CryptoCompare lists in the TopTier. Ripple continues to evaluate its benchmarks given challenges, such as fake volume, that continue to persist in the industry.

Certain wallets that are being used for XRP sales also provide short-term leases to market makers. This is worth noting given they are often mischaracterized by market participants as sales. Leases are ultimately returned to Ripple. 

Reported Volume

CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever old> standard deviation of daily returns over Q1 was 9.0%, representing a decrease in volatility from Q4’s 9.6%. XRP’s volatility over the quarter was higher than that of BTC (3.4%) and ETH (4.4%).

Ripple’s Escrow 

In Q1 2021, three billion XRP were released out of escrow (one billion each month) in line with prior quarters, and the official escrow arrangement. In total, 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter. For more information on the escrow process, see here. Note: All figures are reported based on transactions executed during the quarter.

There was a slight uptick of conversation around Ripple “flooding the market” last quarter, as many continue to misunderstand the mechanics of the escrow process which are simply transfers between Ripple treasury and escrow management accounts. In other words, those transfers do not equate to Ripple distributing XRP.

Ripple is committed to transparency as reflected by this quarterly markets report. As noted above, XRP sales and distributions (such as leases which are returned to Ripple) can be attributed to ODL. Ripple plays a responsible role in the liquidity process. Outside of Ripple, however, large XRP holders do exist as is the case with other major cryptocurrencies like BTC and ETH.

Accumulation 

Data indicates that Q1 2021 was a quarter of XRP accumulation. The number of “whale” wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M XRP increased from 1,125 to 1,196. 

Similarly, ETH saw significant accumulation as well. The number of wallets holding at least 1,000 ETH increased from 1,178 to 1,253 during the quarter.

On-chain Metrics

Last quarter, the number of active XRPL wallets increased as on-ledger activity grew. In Q1, total on-ledger payment volume was $62.3B, representing a 23% increase quarter-on-quarter, while the number of total on-ledger wallet addresses increased 15% from 2.35M to 2.70M.  

XRP Integrations

Global XRP infrastructure saw significant development and innovation in Q1 and early Q2 including:

In addition, Wanchain and Huobi ECO Chain (HECO) built cross-chain bridges to the XRP Ledger, adding new integrations into DeFi. Separately, CoinShares, the largest crypto asset manager in Europe, launched an XRP exchange-traded product on the primary Swiss Stock Exchange SIX and reported a significant increase in XRP inflows.

Broader XRP Community 

For developers and entrepreneurs, the past quarter presented new opportunities to build various use cases on the XRP Ledger as interest in crypto continues to skyrocket. While no one company or individual can track every project being built on this open-source technology, there are hundreds of use cases from cross-border payments and lending to marketplaces and custody solutions.

Developers choose to build on the XRPL to take advantage of its green attributes and unique functionalities to move value. The XRP Ledger is the first major carbon-neutral blockchain and inherently energy efficient, alleviating high energy consumption and costs that developers experience when building on proof-of-work blockchains.

Ripple is just one player in a broader community building on the XRP Ledger. Learn more at xrpl.org and in GitHub project repositories.

According to blockchain tracking service Whale Alert, which tracks large amounts of wired digital currencies, in the past 20 hours, 177.6 million XRP tokens have been moved by Ripple, Binance and several other big crypto exchanges.

That amount of XRP is equivalent to a whopping $228 million in fiat.

Recent tweets published by Whale Alert state that several major crypto companies, including the Ripple blockchain decacorn, as well as leading crypto exchanges like Binance, Huobi and Coinbase, have kicked over a total of $227,995,486 in XRP equivalent between each other.

Ripple has moved almost 10 million XRP to the Huobi exchange from its RL18-VN wallet. Notably, the same transaction took place on April 21.

BitGo has sent 10 million XRP to the Binance exchange. Coinbase shifted 38.9 million XRP (equal to $50,624,877) between its wallets.

Apart from that, Coinbase moved 7.7 million XRP to the Bitstamp exchange located in Luxembourg, one of the exchanges that delisted XRP back in January after the SEC brought its legal suit against the fintech giant on Dec. 21. The same goes for Coinbase, Binance US and Bittrex.

Binance transacted 10 million XRP to the BitGo custodial service. However, the largest lump was moved by the Bybit exchange: 130.7 million XRP ($173,389,199).

As reported by U.Today earlier, the SEC agency seeks a court order that would forbid Ripple from obtaining its internal communications and prevent it from accessing the personal gadgets of its commission staff.

The SEC insists that Ripple is making "new and broader claims" which exceed the limits allowed by the court order.

The regulatory agency accuses Ripple of "discovery gamesmanship" and harassment.

This started when the court had partly approved of Ripple accessing the SEC's documentation regarding Bitcoin and Ethereum's status as non-security assets.

But now, the SEC seeks a prohibition order to allow Ripple to work only with the SEC's external documents in this case.

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A total of  104.7 million   XRP was transferred by leading blockchain company Ripple and top crypto exchanges Binance, Huobi and others  .

Meanwhile, in the past 24 hours, XRP has risen over 10 percent due to the recent Ripple announcement.

Data provided by Whale Alert shows that Ripple has carried 97.1 million XRP in the past 20 hours along with Bitstamp, BitGo and several other major crypto platforms.

The total equivalent of the transferred XRP amount is $ 163,792,605 in fiat currency.

Ripple sent 15.2 million XRP to China’s largest crypto exchange Huobi through its RL18-VN wallet.

Another 10 million XRP was moved by Ripple to one of its internal wallets, RL43-EE, and possibly shipped further later.

A total of 20 million XRP has been moved by Bittrex to the South Korean-based crypto exchange Upbit. Ripple ODL corridor Bitstamp exchanged 44.5 million XRP with custody service BitGo.

The fourth largest cryptocurrency XRP saw a 16% increase after SBI Group CEO Yoshitaka Kitao recently said Ripple co-founder Chris Larsen plans to launch the company’s IPO after its legal cases with the SEC are over.

According to the data provided by the CoinMarketCap platform, XRP is trading at $ 1.61 as of the time of writing.

XRP, a cryptocurrency that is primarily built for transactions, which can be purchased on crypto exchanges. XRP derives from Ripple, a payments platform designed for the rapid settlement of transactions and affordable cross-border remittances, which aims to supplement and redefine the current financial system.

Ripple has been popular with global banks and services. However, in December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit alleging that Ripple had conducted unregistered securities offerings by selling XRP. In its complaint, the SEC said Ripple sold 14.6 billion “units” of XRP for $1.3 billion. Later, a number of exchanges, like Coinbase, Kraken suspended trading of XRP or delisted the asset. Since then, xrp was down over 65% (on Bexplus ).

*A security is an investment contract; if the creators of a cryptocurrency advertise it as an investment to US buyers, then the SEC considers the coin to be a security under US law.

Towards the allege from the SEC, Ripple has disproved the SEC’s argument and issued a response stating that as a cryptocurrency XRP is out of the SEC’s jurisdiction, and it has already been recognized as a virtual currency by several other worldwide regulators, including those in the UK, Japan, and Singapore.

Last week, the SEC refused to provide documents related to Bitcoin and Ethereum, arguing that the request has nothing to do with this case. However, Ripple Labs submitted a response letter to Magistrate Sarah Netburn on March 26th, requesting the SEC to submit the required documents. Because they don’t understand why Ripple is considered a security, while Bitcoin and Ethereum are not?

A lot has happened in the three months since the case. In particular, the price of Ripple has been damaged and has been suspended by key partners and many exchanges. However, as the case progressed, to some extent, the price of Ripple has recovered from a low of $0.18.

From the current situation, there are mainly four motions in this case. The first is to force the company to discover documents related to the financial information of CEO Garlinghouse and Chairman Larson. The second is the motion of the SEC against Ripple’s fair notification defense. The third is Garlinghouse and Larson’s motion to dismiss the lawsuit against them. Finally, Ripple filed a motion on why the SEC took 8 years to take legal action.

Deaton Law’s lawyer John Deaton has filed a motion to alleged SEC of misrepresenting the XRP holders as he asserted, “The SEC allegations are riddled with material misrepresentations about XRP Holders; their reliance on Ripple, their use of XRP, and their independent development of the XRP ecosystem.” In response to the objection, the SEC has to file the defense papers about the motion by May 3 and Federal Judge Analisa Torres will be giving a decision whether this motion can be granted by May 17.  

The cryptocurrency industry and investors are watching the SEC’s lawsuit against Ripple for not only the determination of XRP’s legal status but for any legal precedent it could set for other cryptocurrencies. XRP is currently the sixth-largest cryptocurrency in the world by market capitalization which is more than US$40 billion. The price of XRP has increased by almost 36% in the past week and is currently trading at US$1.35 as of writing, which is three times the level in December before the lawsuit.

A possible reason why the holders have been vigorously calling on the relist of XRP may be due to the new progress in this case. The judge questioned the SEC attorney, “everyone who sold XRP – including you and me – are selling illegal securities”. The SEC lawyer responded, “no, under Section 4, only Ripple and affiliates of Ripple can have sold XRP illegally”, and that “everyone who sold XRP” was not selling “illegal securities”. The answers of the SEC attorney can be interpreted that crypto exchanges based out of the US will not be responsible for the XRP selling and trading. However, only the final result will tell if the US exchanges “relist” XRP.  

The analysts at Bexplus believe that even if XRP loses the lawsuit, the price of XRP should not fall to the situation where it was litigated at the beginning, because so far, not all exchanges have delisted the currency. For example, exchange giant Binance still supports XRP trading, and Huobi supports the purchase and selling of XRP.

At present, in response to the call of traders, Bexplus has taken the lead in relisting XRP trading. Bexplus is a global cryptocurrency derivatives trading platform established at the end of 2017. It offers 100x leveraged futures trading on BTC, ETH, LTC, EOS, XRP, etc. It is running a 100% Deposit Bonus event for every new user. 

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XRP Cryptocurrency is currently on bullish momentum by 100.55% in the last 30 days. At 19:25 EST on Sunday, 25 April, XRP is at $1.03.

Regarding XRP’s daily highs and lows, it’s 90.74% up from its trailing 30 days low of $0.54 and 46.91% down from its trailing 30 days high of $1.94.

Currently, XRP has 1499659 Twitter followers and 295519 Reddit subscribers.

As of now, on Github, there are 1194 forks, 3786 stars, and 499 subscribers.

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, XRP’s crypto is considered to be overbought (>=80).

According to FX Empire on Saturday, 24 April, "Binance Coin (+4.42%), Cardano’s ADA (+1.35%), Chainlink (+0.06%), and Ripple’s XRP (+1.29%) bucked the trend on the day."

According to Business Insider on Saturday, 24 April, "Ripple’s XRP has been using federated consensus, which allows multiple entities to take charge of the network, for nine years. "

Bitcoin drops below $50,000 amid tax and momentum concerns. According to Bloomberg Quint on Thursday, 22 April, "The slide pushed Bitcoin down as much as 5.8% to about $48,596 as it continued to lose momentum. "

How to trade the SPAC slowdown, plus the case for $1 million Bitcoin by year-end. According to Business Insider on Sunday, 25 April, "He first bought Bitcoin at $10 and began to double down in 2014 after acquiring a "HODL" mindset. ", "He explains how Bitcoin might hit $1 million by year-end – and as a bonus lays out what meme token Dogecoin is all about."

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More news about XRP.

The price of XRP — the native cryptocurrency of the XRP Ledger — entered May at US$1.57 and is up over 600% since the start of 2021, even as Ripple Labs released one billion XRP this weekend from its escrow wallet.

Two batches of 500 million XRP, valued at a total of US$1.59 billion, were unlocked from Ripple’s escrow wallet on May 1, according to Whale Alert, a service that tracks large value cryptocurrency transactions. 

While some Twitter users immediately feared that a “dump” was imminent and XRP prices would fall given the additional supply of XRP that was being put into circulation, other users pointed out that the transactions were part of Ripple’s monthly XRP escrow release and would be subsequently relocked.

The release of one billion XRP each month is not new. Ripple has locked 55 billion XRP, or 55% of the total possible supply, into a series of escrows that release one billion XRP every month, according to a Ripple blog post from 2017. These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP. 

The XRP escrow is designed to provide predictability to the XRP supply by maintaining an upper limit on the amount of new XRP that can be released for circulation. The actual amount of XRP released into circulation is usually less than one billion XRP and the leftover XRP each month is placed into a new escrow. 

Since January 2018, one billion XRP has been released each month. In 41 months, Ripple has released 41 billion XRP, of which 33.7 billion was returned into escrow, and 822 million on average has been re-escrowed every month, according to XRParcade.

This month, 100 million XRP was transferred to Ripple and 900 million XRP was returned to escrow, according to Whale Alert. 

XRP prices, currently at about US$1.60, have been relatively stable, within the 24-hour trading range of US$$1.54 to US$1.62 as of publishing time. XRP prices surged by almost 200% in April from US$0.55 at the start of the month to US$1.63 on April 30. XRP is currently the fourth largest cryptocurrency in the world with a total market value of about US$74 billion, which is about 3% of the total cryptocurrency market value.

The price of XRP, which was the third-largest cryptocurrency in the world by market value, initially plummeted by more than 60% after the U.S. Securities and Exchange Commission in December 2020 filed a lawsuit against Ripple — which in turn caused U.S. cryptocurrency exchanges to delist the XRP token. XRP holders have since filed a motion to intervene in the SEC v. Ripple lawsuit as a third-party defendant in a bid to protect their interests. The lawsuit is currently in its discovery phase, with each side trying to obtain more information from the other side and limit what information must be shared. 

XRP prices rallied on Friday following a discovery hearing regarding the SEC’s use of formal requests to foreign regulators to obtain information on Ripple and XRP concluded with the judge saying she needed more time to make a ruling. 

The SEC’s lawsuit against Ripple is being closely watched by the XRP community and the cryptocurrency industry not only because of its potential impact on XRP investors, but also the legal precedent it could set for other cryptocurrencies. 

See related article: SEC seeks to knock out Ripple defense, says no duty to warn over XRP

But despite its legal troubles in the U.S., XRP has remained popular in parts of Asia, such as in Japan, and elsewhere outside the U.S.

SBI Holdings — a Tokyo-based financial services group that has a joint venture SBI Ripple Asia with Ripple — will be giving shareholders who have held for more than a year, 1,000 or more shares or 100 shares or more shares, the equivalent of JPY8,000 and JPY2,000 in XRP respectively, according to the company’s financial report on its fiscal year that recently ended. SBI, which started its security token business with Boostry in May last year, will also be allocating XRP to investors who purchase its first security token offering launched on April 19. 

Ripple has also been trying to expand its presence in the Asia Pacific payments market through acquisitions and partnerships, most recently with Novatti, a digital banking and payments company that is listed on the Australian Securities Exchange. 

See related article: Ripple partners with Novatti to use XRP for remittances in Asia Pacific

Despite being delisted by U.S. cryptocurrency exchanges, XRP remains available on the Zurich-based SIX Swiss Exchange, Switzerland’s principal stock exchange and Europe’s third largest as an exchange traded product issued by CoinShares, Europe’s largest digital asset investment firm.

See related article: Europe’s CoinShares launches XRP exchange traded product

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Crypto Money News –  Blockchain giant  Ripple  continues to carry XRP.  104.7 million XRP was transferred by leading blockchain company Ripple and top crypto exchanges – Binance, Huobi and others.

Meanwhile, in the past twenty-four hours, XRP has risen over 10 percent due to the recent Ripple announcement.

Data provided by DLT tracker Whale Alert shows that Ripple has shifted 97.1 million XRP tokens to BItstamp, BitGo and several other major crypto platforms in the past twenty hours.

The total amount of  XRP  transferred corresponds to $ 163,792,605 in fiat currency.

Ripple sent 15.2 million XRP to China’s largest crypto exchange Huobi through its RL18-VN wallet.

Another 10 million XRP has been moved by the blockchain giant to one of its internal wallets (RL43-EE) and will likely be sent later.

20 million XRP has been moved to South Korea-based crypto exchange Upbit by Bittrex. Ripple ODL corridor Bitstamp traded 44.5 million XRP coins with custody service BitGo.

20 million XRP has been moved to South Korea-based crypto exchange Upbit by Bittrex.  Ripple ODL corridor Bitstamp traded 44.5 million XRP coins with custody service BitGo.

The weekend has begun with the continued growth of the market; however, some coins are trading in the red zone. Cardano (ADA) and XRP are the only ones under the bears' influence.

The key data for Bitcoin (BTC), Ethereum (ETH), XRP, Binance Coin (BNB) and Chainlink (LINK):

Bitcoin (BTC) has started rising faster than some altcoins, with growth over the last day being 5.78%.

On the 12H chart, Bitcoin (BTC) has gotten out of the consolidation phase and is ready to keep the growth going. However, it is unlikely to set new peaks as bulls are not powerful enough. In this case, one may expect a retest of the mark around $61,500, followed by a slight correction.

Bitcoin is trading at $57,747 at press time.

Ethereum (ETH) is less bullish than Bitcoin (BTC) as the price change of the main altcoin is +4.75%.

Ethereum (ETH) is on its way to the vital $3,000 mark. The buying trading volume is low, which means that bulls have not accumulated enough power to reach that mark. In this case, a sideways trend around $2,850 may last for some days before a breakout occurs.

Ethereum is trading at $2,877 at press time.

XRP is the only loser from our list, falling by 2.28%.

Despite the fall, XRP is bullish in the short-term scenario. The selling trading volume is low, which means that bears are not willing to sell at the current levels.

That is why the more likely price action is an ongoing rise to the resistance around $1.81.

XRP is trading at $1.55 at press time.

Binance Coin (BNB) continues its rise day after day, and the growth since yesterday is 2.58%.

Binance Coin (BNB) is targeting the $800 mark on the daily chart. The volatility is decreasing, which means that the accumulation period is about to end soon. Such a statement is also confirmed by a low trading volume.

BNB is trading at $624 at press time.

Chainlink (LINK) is not an exception to the rule as the price of the altcoin has increased by almost 2%.

The rise of Chainlink (LINK) has not reached its peak yet. Bears may seize the initiative around the closest resistance at $40.30. However, in the long-term scenario, buyers have the chance to attack the peak at $44.30.

XRP Cryptocurrency is currently on bullish momentum by 17.82% in the last 24 hours. At 14:25 EST on Monday, 26 April, XRP is at $1.29.

Currently, XRP has 1504715 Twitter followers and 295924 Reddit subscribers.

As of now, on Github, there are 1194 forks, 3786 stars, and 499 subscribers.

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, XRP’s crypto is considered to be overbought (>=80).

According to FX Empire on Saturday, 24 April, "Binance Coin (+4.42%), Cardano’s ADA (+1.35%), Chainlink (+0.06%), and Ripple’s XRP (+1.29%) bucked the trend on the day."

According to Business Insider on Saturday, 24 April, "Ripple’s XRP has been using federated consensus, which allows multiple entities to take charge of the network, for nine years. "

According to FX Empire on Monday, 26 April, "Bitcoin Cash SV (-1.82%), Cardano’s ADA (-1.18%), Litecoin (-0.49%), and Ripple’s XRP (-1.88%) joined Bitcoin in the red.", "Bitcoin Cash SV and Ripple’s XRP slid by 29.49% and by 26.97% respectively to lead the way down."

Power transaction: Bitcoin whales move over $6b worth of crypto in A day. According to Business Insider on Saturday, 24 April, "The second wallet received nearly 5,750 Bitcoin (over $286 million) from world’s the top cryptocurrency exchange Binance andsent itto two unknown wallets in one transaction. ", "According to CoinMarketCapdata, Bitcoin is fluctuating around $50,000 at press time. "

How to trade the SPAC slowdown, plus the case for $1 million Bitcoin by year-end. According to Business Insider on Sunday, 25 April, "He first bought Bitcoin at $10 and began to double down in 2014 after acquiring a "HODL" mindset. ", "He explains how Bitcoin might hit $1 million by year-end – and as a bonus lays out what meme token Dogecoin is all about."

More news about XRP.

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Relevance is automatically assessed so some headlines not qualifying as xrp news might.

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Is in an active auction.

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Learn how #xrp compares to other #cryptocurrencies and why sustainable practices are key to further blockchain adoption.

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However, contrary to expectations, xrp has again, contrary to expectations, garlinghouse revealed that there's mostly good news on this front, with the.

Xrp.news is owned and listed by a sav customer.

Binance Coin (BNB) added more than 20% in its price during the last 7 days and touched an all-time high of approximately $680 yesterday. The world’s 3rd largest cryptocurrency crossed the market cap of $100 billion today after a jump of nearly 3% in the last 24 hours.

Binance Coin is only the third digital currency to achieve a market cap of $100 billion after Bitcoin and Ethereum. BNB is up by more than 100% in the last 30 days. The cryptocurrency crossed the market cap of $50 billion during the first week of April 2021.

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BNB’s market dominance has increased significantly since the start of 2021. Binance Coin now accounts for nearly 4.5% of the total crypto market cap, which is its highest level on record. On 1 January 2021, Binance Coin was trading at around $37. The digital currency is now up by more than 1,750% within the last 4 months which makes it the best-performing cryptocurrency and is among the top 3.

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The total market cap of BNB is now greater than several financial services companies, including S&P Global and BNP Paribas.

BNB’s on-chain activity has gained momentum due to the latest surge in the price of Binance Coin. Trading volumes along with the number of BNB transactions have increased substantially during the last few months. BNB remained one of the most popular trading assets among retail and institutional traders in the latest crypto rally. The recent surge in BNB accelerated the liquidation of short BNB positions. According to the latest data published by crypto analytics platform Bybt.com, nearly $10 million worth of short BNB positions got liquidated in the last 24 hours.

In his latest tweet, Changpeng Zhao, CEO of digital exchange Binance, highlighted the importance of knowledge about BNB’s ecosystem and asked people to learn about Binance Coin. “Don’t buy BNB if you haven’t spent more than 3 full days learning about it. Its ecosystem is large and will take a while to understand. Don’t just buy it because its price has been going up,” Zhao tweeted.

The crypto-verse has been experiencing extreme volatility over the last couple of days. Binance’s CEO, Changpeng Zhao aka CZ, addressed this constant rise and fall in the price of cryptocurrencies over the last couple of days.

Volatility has been a great drawback for the crypto industry. While abrupt soars in the price of certain coins can bring extreme joy, untimely drops can cause a commotion. Individuals who seem to be intrigued by the industry have been sitting on the fence fearing volatility. The recent drop of Bitcoin [BTC] from a high of $64K to a low of $48K was noted as a classic example of the latter.

Appearing in Bloomberg’s latest interview, CZ went on to reveal his take on the extreme volatility that the crypto industry hoards.

Bitcoin’s price volatility is directly linked to herd mentality, Binance’s CZ pointed out. Comparing those who enter the crypto-verse, CZ noted that those who invest in crypto were through herd mentality were outdoing those who did their research before investing in the market.

While the price of crypto is usually dictated by the buying and selling activity of these assets, people who enter the market when there’s good news and rush out during bad news are the one’s behind the volatile nature of the industry, CZ asserted. Speaking about the same he added,

“The herd followers are less committed. Whenever there’s some negative news, they run away. Whenever there’s positive news, they try to rush in.”

Furthermore, just as the price of digital assets rose over the past couple of months, institutional investors started pouring their funds into it. CZ pointed out that certain large institutions were keen on “volatility trading.”

Debunking the myth of more institutional trading equals less volatility, the CEO of Binance added,

“They [institutions] seek volatility and they sometimes even want to generate the volatility. So it’s not to say that just because there’s more institutions trading, then there’s less volatility.”