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BNB breaks above the $700 level while Bitcoin remains stalled
Alex Dovbnja
BNB is indeed on the right track with yet another record
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According to CoinGecko, today the BNB cryptocurrency reached a new all-time high of $710 data.
The fourth-largest cryptocurrency is currently valued at $106 billion, having surged around 16% over the past week.
Notably, open interest in BNB more than doubled on Wednesday amid the massive price rally. Binance leads the way in open interest on BNB futures with over $700 million.
According to data from CoinGlass, over $4.4 million worth of short positions on Bitcoin have been liquidated in the last 24 hours.
Various projects on the BNB chain have also seen an increase in trading activity. Meme coin Floki Inu (FLOKI), the largest meme token on BNB Chain, has gained another 8% in the last 24 hours.
Meanwhile, the BSC ecosystem is experiencing healthy growth, with major projects such as PancakeSwap, Venus, Solv Protocol, and PinkSale posting significant gains in total value locked (TVL) over the past 24 hours.
BNB has substantially outperformed Bitcoin and other cryptocurrencies over the past week. The flagship cryptocurrency is currently struggling to decisively break above the $73,000 level. If Bitcoin manages to achieve such a feat, it could have a chance to conquer the $100,000 level by the end of the year, according to Galaxy Digital CEO Mike Novogratz.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.