The crypto market saw a dramatic reshuffling on Oct. 7 as BNB overtook XRP to become the third-largest cryptocurrency in terms of market capitalization.
While the former has a market cap of $6.9 billion, the latter has a market cap of $6.4 billion.
While BNB’s price has soared more than 25% over the last seven days, XRP’s price has risen less than 5%. In fact, BNB hit a new all-time high (ATH) of $1,307.30 on the day.
Related: What is Crypto? Cryptocurrency explained
Bitcoin and Ethereum continue to remain the two largest cryptocurrencies, with market caps of $2.48 trillion and $568 billion.
BTC hit a new ATH of $126,198.07 on Oct. 6 and was trading at $124,552.74 at press time, up 10% in a week.
ETH, meanwhile, was trading at $4,708.63 at press time, up more than 13% in a week.
BNB is the native token of the Binance Smart Chain (BSC), a blockchain network launched by the world’s largest crypto exchange, Binance.
The Binance Smart Chain provides a robust infrastructure where leading decentralized finance (DeFi) platforms are built to serve millions of users.
Binance CEO Changpeng Zhao leaves the U.S. District Court on November 21, 2023 in Seattle, Washington. Zhao pleaded guilty to a money-laundering charge.
Binance co-founder Changpeng Zhao “CZ” wrote on X, “Now, it’s “I wish I bought _____ early” season.”
Notably, BNB has been hitting new record highs following the tailwind offered by the king coin’s record rally.
The crypto market has been exploding following the U.S. government shutdown as traders seem to be flocking to crypto as a safe haven asset. The total crypto market cap stood at $4.27 trillion at the time of writing.
This story was originally reported by TheStreet on Oct 7, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.