BNB’s ascent takes place while Bitcoin’s dominance has dipped below 60%, highlighting a shift in how value is distributed across major digital assets.
BNB claimed fourth spot by market capitalization, overtaking XRP in the hierarchy. According to recent data, BNB’s valuation surged to approximately $190 billion, surpassing XRP’s market cap of around $178 billion. Data shows that BNB’s $190.4 billion capitalization temporarily placed it close to the 105th rank among the world’s most valuable assets.
This milestone comes as the broader crypto market realigns. BNB’s ascent takes place while Bitcoin’s dominance has dipped below 60%, highlighting a shift in how value is distributed across major digital assets. BNB’s rise is driven not only by price appreciation, up nearly 30% in recent weeks, but also by robust on-chain indicators from the BNB Chain, which include surging active addresses, transaction volumes, and ecosystem engagement.
For investors and market observers, this flip signals more than just an altcoin rising up the ranks. It reflects the growing weight of asset-tokens tied to strong network fundamentals, execution, and utility which are now playing a larger role in valuations than speculation alone. That said, whether BNB can sustain its momentum and challenge the second-largest position held by Ethereum remains an open question.
BNB Rising Among Top 5 Assets
In October, the native token of the Binance Smart Chain, BNB, reached an all-time high. Despite global liquidations, which saw markets remove $19 billion in leverage trades, BNB surged past $1,370 to a fresh all-time high. On October 13, with a registered price of $1,369,99, BNB’s market capitalization reached approximately $190 billion.
BNB’s surge helped establish its position among the top 4 crypto assets. At the time, BNB ranked above XRP and even surpassed Tether, ranking third by market capitalization.
Its position behind Bitcoin and Ethereum represents a shift in cryptocurrency hierarchy. On October 6, BNB crossed the $1,200 threshold before surging past $1,300 within a couple of hours. BNB’s market capitalization initially reached $177,97 billion, narrowly surpassing XRP, before retracing and surging towards $190 billion on October 13th.
Following the October 10th market-wide liquidation, BNB retraced from its top-three ranking but continues to hold a position above XRP. Analyst data emphasized that a push over $1,200 could reignite interest and drive BNB’s price past $1,500.
Outpacing the Broader Market Rally
BNB’s total market capitalization increased by 28%, and added $40 billion in market value. In the same period, Ethereum gained approximately 8.4% while Bitcoin only posted a 5% gain. BNB’s rally to surpass XRP is the result of a 30% increase within a single week. Additionally, between October 10th and October 13th, BNB price climbed 16% in less than 24 hours to its record high of $1,370 and over $190 billion in market cap. The divergence between BNB’s growth and the crypto’s price appraisal is a result of ecosystem utility rather than a general market sentiment.
Structural Drivers and Institutional Adoption
Institutional interest is increasingly moving toward assets with proven utility. Global M2 liquidity has risen to its highest level in the past four years, prompting potential rotations into altcoins and other risk-on assets. Previous research, which showed BNB’s YTD return of 19% is reframed. BNB’s surge sees the asset post 85.6% YTD returns, significantly outperforming XRP and Ethereum.
In a recent interview with TheStreet, Binance CEO Richard Teng discussed the growing institutional inflows into the Binance ecosystem with a doubling of institutional onboarding last year, with the pace still strengthening through 2025. He noted that it’s not only traditional institutions moving into crypto, but also “corporates, the DeFi projects, and digital asset treasuries.” Teng continued, “Now we have close to 200 listed companies around the world doing digital asset treasuries.”
Renewed institutional demand for BNB is emerging as investors recognize value in exchange-linked assets. CEA Industries disclosed holdings of 480,000 BNB tokens valued at over $600 million, with stated plans to accumulate 1% of BNB’s total supply by year-end. The developments align with growing institutional interest in adding digital assets to their balance sheets. Thus, BNB’s YTD can attract institutional capital as investors seek diversification for high-return assets.
Furthermore, DeFi staking has emerged as a structural component in diversified investor portfolios. Binance co-founder highlighted growing institutional interest in BNB, with 30% of BNB in circulation now locked in staking. The increase in BNB is supported by BNB’s Maxwell upgrade, which reduces block times and enhances on-chain efficiency.
According to DeFiLlama data, BNB Chain protocols reached $6.2 billion in Q3 of 2025, up 27% from the previous quarter. Notably, BNB Chain captured a rising market share in 2025. PancakeSwap increased its on-chain spot volume to 16% by August 2025, driven by improved speed, cost efficiency, and performance.
Assessing BNB’s Market Trajectory
As BNB consolidates its position as the third-largest cryptocurrency, XRP experienced a 4% decline on October 7, 2025, accompanied by rising investor uncertainty. XRP trading volumes on major exchanges declined 14% during the week, while open interest in XRP derivatives fell 9%, suggesting capital rotation toward more active ecosystems such as BNB.