The price of BNB, the native cryptocurrency of Bitcoin exchange Binance, has spiked to an all-time high. The fourth-largest cryptocurrency by market value increased by over 11% in the last 24 hours, reaching a record high of $716.
BNB Reaches All-Time High, Exceeding $700
BNB, the native token of the BNB Chain ecosystem, has surpassed its previous peak of approximately $690 set in May 2021.
In terms of transaction volume, approximately $3.3 billion worth of BNB changed hands in the past day. BNB's market cap currently stands at $107.2 billion.
BNB's recent rally has been largely attributed to the growing popularity of Binance Launchpool. This platform requires users to hold and stake BNB to participate in new token offerings on Binance, the world's largest cryptocurrency exchange.
Last month, Binance Launchpool announced support for Notcoin, a token that can be earned through a Web3 game on Telegram. Since its launch, Notcoin has achieved a market cap of $2.2 billion, and Binance became the first platform to list this token.
Meanwhile, the value of Bitcoin has also increased significantly, rising 2.89% in the past day to surpass the $71,000 level. Most other altcoins are similarly green, contributing to the bullish trend in the market.
It is stated that it is extremely likely that BNB will climb to $ 1000 levels, especially if the Bitcoin price remains stable or rises in the coming period.
*This is not investment advice.