BNB token outperforms bitcoin and ethereum this year
Binance's native token BNB has risen 129% over the past year, surpassing bitcoin's 97% and ethereum's 84% gains. This performance comes amid growing adoption on the BNB Chain and new initiatives like the Aster exchange. However, some observers question the rally's drivers.
BNB, the third-largest cryptocurrency by market capitalization, has quietly outperformed major rivals in 2025. According to CoinMarketCap data, the token surged 129% in the last year, compared to 97% for bitcoin and 84% for ethereum. The momentum accelerated recently, with BNB climbing 29% since October began, boosting its market cap by over $41.7 billion.
Several factors underpin this rally. Binance, the world's largest crypto exchange by trading volume, reported 290 million users and $14.8 billion in inflows during the past quarter. Activity on the BNB Chain has also increased, generating $5.5 million in network fees in the 24 hours up to October 8, per DeFiLlama.
A key development was the late-September launch of Aster, a multi-chain decentralized exchange by former Binance CEO Changpeng Zhao. Designed to compete with platforms like Hyperliquid, Aster briefly led in trading volume among decentralized exchanges before DeFiLlama delisted it over data integrity concerns. Digital assets policy expert Zack Shapiro of The Bitcoin Policy Institute noted that Aster's popularity likely drew attention to BNB.
Corporate interest has further supported the token. CEA Industries, a vape producer, disclosed holding $611 million in BNB as of Tuesday, following plans announced this summer to build a BNB treasury. In August, B Strategy, a digital assets firm, partnered with Yzi Labs to establish a $1 billion BNB treasury.
Skepticism persists, however. Social media posts from crypto enthusiasts have speculated about market manipulation behind the surge. Binance did not respond to Business Insider's request for comment. Shapiro downplayed manipulation concerns, instead attributing the rise to broader market speculation. "I think this is people chasing a hot ball of money," he said, adding that investors are seeking the next hot asset in a frothy market.
The broader crypto market has grown nearly $1 trillion this year, fueled by a more crypto-friendly U.S. administration under President Donald Trump, who campaigned as the "crypto president." Bitcoin traded around $124,000 on Wednesday, slightly below its all-time high above $125,000.