Binance Coin Surges 7%, Becomes Third Largest Cryptocurrency
Binance Coin (BNB) Achieves New Milestones
- BNB has surged 7%, reaching new all-time highs above $1,300.
- Market cap increased to $183 billion, surpassing Ripple's XRP and USDT, making it the third largest cryptocurrency.
- In the last month, BNB gained a 52% increase, adding $60 billion to its market cap.
- The rise is linked to broader crypto market momentum post-U.S. government shutdown.
- BNB Chain leads in blockchain activity with $2.48 million in 24-hour fees and $4.14 billion in DEX volume.
- Reported 58 million monthly active addresses, outdoing Solana's 38.3 million.
- Growth fueled by Aster's increased activity, with total value locked up by over 500% to $2.4 billion.
- Partnership with Chainlink aims to integrate U.S. economic data on-chain for application development.
Trading Interest and Market Dynamics
- Daily trading volumes rose by 65% to $7.93 billion, indicating high trader interest.
- BNB futures open interest saw a 12.8% rise to over $3.11 billion.
- 24-hour liquidations reached $20 million, predominantly from short positions.
Crypto analyst Javon Marks highlighted BNB's strong momentum, projecting a target of $1,520.8.
Investors should remain cautious despite the recent gains, as BNB is seen as a potential leader for the next altcoin season.