News
Binance Coin (BNB) Soars 17% to Coast to ATH, Key Reasons
Cover image via www.freepik.com
Disclaimer: The views expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
The market may be moving to the side, as some altcoins among the top 10 most capitalized cryptocurrencies are making stealth moves today. One of them is Binance Coin (BNB), the native token of the Binance cryptocurrency exchange. In a sudden turnaround, the currency has just tested again reached its all-time high (ATH) and set a new one at $711.56.
Binance Coin’s Unusual Journey
For Binance Coin, the journey is simply remarkable. From trading at an all-time low (ATL) of $0.09611 about seven years ago, the coin surpassed $671 on May 16, 2021. After this rally, it fell back to a low of $169 as crypto winter was strong and forced many HODLers to give up their coins.
Related
One thing, however, sets BNB apart: its strong utility on Binance and the BNB Chain ecosystem. With sustained relevance, Binance Coin moved into the top 10 altcoins list and remained in this position for over a year. BNB coin is directly below Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with its market capitalization of $104,090,355,715.
At the time of writing, Binance Coin is up 12.05% in the last 24 hours and over 17% for the week, trading at $704.69. The pace it established serves as a testament to the return of the alternate season.
Toncoin joins the ride
While Binance Coin reached a new high to reach a new ATH, Toncoin is also another top 10 asset that retested its all-time high today, a move driven by its ecosystem whales. After rising as much as 10% the previous day, TON reached an all-time high of $7.78 before returning to its current level of $7.48.
Related
With BNB and TON setting the pace, it remains to be seen which altcoin in the top 10 will be next to break its ATH this bull season.