The price of BNB, the native token of Binance’s BNB Chain, has surged exponentially over the last 24-hour period to outperform most other major cryptocurrencies and hit a new all-time high near the $800 mark.
According to data from CryptoCompare, the price of BNB surged from around $648 to over $773 at the time of writing in the last 24-hour period, hitting a new all-time high above $790 before enduring a short correction. The cryptocurrency is now up more than 24.8% in the last week and 38% in the last 30 days.
The rise came amid a wider altcoin market rally that has seen various cryptocurrencies that were popular during the 2018 cryptocurrency market boom surge, including the native token of the XRP Ledger, XRP, which over the past week moved up some 81.6%.
These cryptocurrencies have been rallying while the price of Bitcoin is stalled below the $100,000 mark, currently trading at $96,000 after moving up 3% in the past week. The flagship cryptocurrency has moved to surpass the psychological resistance numerous times but has so far failed to do so.
BNB’s price surge comes amid a rise in the total value locked on its decentralized finance (DeFi) protocols, from around $3.4 billion at the beginning of the year to now stand near the $6 billion mark.
Similarly, open interest on BNB derivatives contracts — referring to the amount of outstanding futures and options contracts that haven’t yet been settled — has recently surged to a new all-time high.
Data from Glassnode shows that BNB’s open interest surged from around $393 million at the beginning of October to now stand at $955.2 million.
The upward price movement has allowed BNB to flip Solana in terms of market capitalization and become the fifth-largest digital asset by the metric, with a $112 billion market cap. Solana, which had recently flipped BNB, had a $110.7 billion market cap.
Featured image via Unsplash.
