As a seasoned analyst with over a decade of experience in the financial markets, I must admit that the recent performance of Binance Coin (BNB) has been nothing short of remarkable. Having witnessed the meteoric rise and fall of countless cryptocurrencies throughout my career, it’s always refreshing to see one defy expectations and continue its upward trajectory.
Although Bitcoin is yet to surpass the significant $100k mark, some alternative coins are seizing the opportunity to record notable increases. An example is Binance Coin (BNB), which has recently scaled to a fresh all-time peak after six months.
Over the last day, Binance Coin (BNB) experienced an impressive jump of more than 22%, hitting a new peak at $793 according to CoinMarketCap. This recent spike has boosted its yearly earnings close to a staggering 200%.
On December 4th, Binance Coin (BNB) overtook Solana (SOL) in terms of market capitalization, placing it as the fifth largest cryptocurrency, with an approximate value of $113 billion. Furthermore, its trading volume during the preceding 24 hours saw a significant increase of 153%, culminating in a whopping $6.28 billion on that very same day.
The sudden increase in prices led to significant sell-offs in various market sectors, as shown by data from CoinGlass. This data indicates that approximately $5.4 million worth of short positions on BNB were forcibly closed over the last day.
As a crypto investor, I noticed an impressive spike in BNB’s derivatives trading activity, according to CoinGlass’s data. The volume, for one, skyrocketed by an astounding 301% to reach a staggering $6.4 billion. Similarly, the open interest experienced a nearly 40% increase, reaching $1.5 billion. This upward trend in both metrics indicates a surge in market engagement and a growing appetite for speculation surrounding the BNB token.
Regardless of a temporary dip, experts continue to express positivity regarding BNB’s future path, as the asset has surpassed significant resistance levels. Previously, crypto analyst Ali Martinez indicated that if BNB managed to close above $662, it could potentially reach $1,630.
Recently, it’s been disclosed that in November, nearly a third (35.5%) of BNB Chain’s blocks were subjected to Sandwich attacks. In the last seven days, around 645 Sandwich Bots have been detected on the network, affecting approximately 43,400 DEX traders. The total trading volume on BNB Chain’s DEX for the week was $9.232 million, with transactions from Sandwich Bots accounting for about $1.322 million of that figure.
Despite this, BNB’s price showed no reaction, maintaining its dominance in altcoin gains.
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2024-12-04 16:34