Binance Coin (BNB) has surged to a new all-time high of over $786, reflecting a 24-hour gain of 20.52%, according to data from CoinMarketCap (CMC). The rise signifies robust positive momentum, highlighting BNB’s strength and appeal to investors during a period of increased activity in the crypto market.
BNB also reported a 24-hour trading volume of $5.82 billion, reflecting a 132% increase, and achieved a market capitalization of over $113 billion. The sharp price rally triggered widespread market liquidations, wiping out $4.5 million in short positions.
BNB Sets Eyes on $800 Mark
In the previous month, BNB experienced a notable change in trajectory, surpassing an eight-month resistance range of $572 to $619. Despite encountering challenges around the $658 level, the altcoin successfully broke through within the last 24 hours, fueling new optimism among traders. This breakout underscores an upward trend for BNB.
With the altcoin’s new all-time high set, BNB is targeting the $800 mark as the next key resistance and support level. A climb toward the $800 mark appears achievable if the upward momentum continues, indicating an optimistic forecast for the altcoin’s price movement.
The substantial rise shows a growing enthusiasm for crypto assets. BNB’s surge has shaped market behavior and guided investment approaches. Experts carefully observe its progress, considering it a potential indicator of broader market trends.
BNB Ranks Fifth
Before the altcoin hit its latest peak, BNB dropped out of the top five largest cryptos by market capitalization. However, since its latest feat, it has since retraced its steps, ranking as the fifth-largest crypto by market cap, directly after Tether (USDT), according to data from CMC. This shift in rankings may be attributed to various market factors, including market correction and increased competition among rival digital assets. In all cases, such a move usually reflects changes in investor sentiments.
The performance of the Binance exchange also plays a significant role in BNB’s value. Positive news or increasing trading volumes on the platform may trigger the asset’s price. As the crypto industry grows, market participants closely watch BNB’s price movements and anticipate new highs and levels.
While BNB is ranked 5th, XRP has surpassed several tokens and competes with Tether for the third spot. XRP’s remarkable performance has led to a significant shift in the rankings as investors are now eyeing the token. Meanwhile, Bitcoin is struggling to reach the $100,000 mark.