BNB Price Remains Above $1,000 Amid $19 Billion Crypto Liquidation
On October 11, BNB's price remained above $1,130, experiencing a 9.6% decline amid a market crash that led to a $19 billion liquidation in 24 hours. Despite this, BNB showed resilience and potential for recovery compared to other layer-1 tokens.
BNB and BTC Maintain Losses in Single Digits
- BNB dropped from $1,330 to a low of $1,043 before rebounding to $1,132.
- BNB's intraday loss was 9.6%, while its 7-day decline was only 1.7%.
- BNB, alongside Bitcoin, managed to keep daily losses in single digits despite significant market liquidations.
Factors Keeping BNB Above $1,000
- Improved sentiment after consistent all-time highs and incidental demand during market turbulence helped maintain BNB's price above $1,000.
- BNB benefits from being the native token of Binance, offering trading fee discounts and increased network revenue during volatility.
The exchange token sector declined by 5.4% to $221.4 billion, outperforming the broader crypto market's 9% contraction to $3.8 trillion.