Binance Coin hit a new All-Time-High at $194.57
The digital currency soared to 36.32% over the past 24 hours.
The Market Capitalization soared to more than $26 billion.
BNB in Top 4 Flipped $DOT and $ADA
The strong demand for cryptocurrencies by the institutions has stoked many altcoins to post a new All-Time-High. Binance coin, the native token of the world’s largest crypto exchange Binance has surged to more than 30% over the past 24 hours and currently stands at sixth position.
Other notable digital currencies like Bitcoin, Ethereum, Polkadot and many more assets rallied over 5% to 15% in the past 24 hours.
Binance coin is currently in a bull run with more than 40% gains in the past 24 hours. The currency traded between $93 and $128 over a past week before hitting an All-Time-High of $194.57. Effectively, the market capitalization has mounted to more than $26 billion.
At press time Binance Coin price is $191.21 USD with a 24-hour trading volume of $7,571,072,402 USD. Binance Coin is up 46.32% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $29,547,654,660 USD.
Binance Coin has been skyrocketing for quite a while. It is currently in an uptrend following a bullish cycle. The coin surpassed its major resistance level at $149.42. The support levels are to be formed at $126.55 and $115.89. The relative strength index effectively indicates the strong bullish rally by crossing 90 points.
Reason Behind Sudden Surge
The cause for significant surge may be the investment made by Binance in the Plasm Network, a parachain built on the Polkadot network.
On the other hand, BNB is also enjoying the effects of the significant increase in activity on the Binance Smart Chain. According to data from Defistation, the total value locked on the BSC is up over 20% in the last 24 hours and now stands at about $8 billion. This figure puts BSC’s total value locked at about a fifth of Ethereum’s DeFi scene.