As an experienced analyst with years of observing and dissecting the cryptocurrency market, I must admit, watching the meteoric rise of BNB over the past 24 hours has left me both amazed and slightly bewildered. The speed at which it surged to a new all-time high near $800 is reminiscent of a well-timed rocket launch, leaving most other major cryptocurrencies in its dust.
Over the past day, the value of BNB, the primary token for Binance‘s BNB Chain, has skyrocketed at an incredible rate, surpassing many significant digital currencies and reaching a record peak close to $800.
Based on information from CryptoCompare, the value of BNB has significantly increased, going from approximately $648 to over $773 within the past 24 hours, reaching a record high above $790 before experiencing a minor correction. Currently, BNB has risen more than 24.8% in the last seven days and nearly 38% over the past month.
The increase occurred within a broader rally across the altcoin market, where many cryptocurrencies from the 2018 cryptocurrency market surge have risen. This includes XRP, the native token of the XRP Ledger, which has seen an uptick of approximately 81.6% over the past week.
While Bitcoin‘s price is stuck below the $100,000 threshold, currently at $96,000 following a 3% increase over the last week, other digital currencies have been experiencing growth. Despite repeated attempts, Bitcoin hasn’t managed to break through the significant resistance level it encountered previously.
The cost of BNB has increased significantly due to an upward trend in the total value tied within its Decentralized Finance (DeFi) systems. At the start of the year, this figure was approximately $3.4 billion, but it currently hovers around the $6 billion threshold.
In much the same vein, the open positions for BNB derivative agreements – which represent the total number of unsettled future and option contracts – have lately soared to an unprecedented peak.
According to information from Glassnode, the value of open positions for BNB has significantly increased. At the start of October, it was approximately $393 million, but as of now, it stands at a substantial $955.2 million.
The rise in value has enabled BNB to surpass Solana in terms of market capitalization, making it the fifth-largest digital asset with a market capitalization of $112 billion. Not long ago, Solana held this position after overtaking BNB, but its market capitalization stood at $110.7 billion at that time.
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2024-12-04 16:36