The worth of BNB, the native token of Binance’s BNB Chain, has surged exponentially over the past 24-hour interval to outperform most different main cryptocurrencies and hit a brand new all-time excessive close to the $800 mark.
In accordance with knowledge from CryptoCompare, the worth of BNB surged from round $648 to over $773 on the time of writing within the final 24-hour interval, hitting a brand new all-time excessive above $790 earlier than enduring a brief correction. The cryptocurrency is now up greater than 24.8% within the final week and 38% within the final 30 days.
The rise got here amid a wider altcoin market rally that has seen varied cryptocurrencies that have been well-liked in the course of the 2018 cryptocurrency market growth surge, together with the native token of the XRP Ledger, XRP, which over the previous week moved up some 81.6%.
These cryptocurrencies have been rallying whereas the worth of Bitcoin is stalled beneath the $100,000 mark, at present buying and selling at $96,000 after transferring up 3% up to now week. The flagship cryptocurrency has moved to surpass the psychological resistance quite a few instances however has up to now failed to take action.
BNB’s worth surge comes amid an increase within the complete worth locked on its decentralized finance (DeFi) protocols, from round $3.4 billion initially of the 12 months to now stand close to the $6 billion mark.
Equally, open curiosity on BNB derivatives contracts — referring to the quantity of excellent futures and choices contracts that haven’t but been settled — has not too long ago surged to a brand new all-time excessive.
Information from Glassnode exhibits that BNB’s open curiosity surged from round $393 million initially of October to now stand at $955.2 million.
The upward worth motion has allowed BNB to flip Solana when it comes to market capitalization and turn into the fifth-largest digital asset by the metric, with a $112 billion market cap. Solana, which had not too long ago flipped BNB, had a $110.7 billion market cap.
Featured picture through Unsplash.