BNB is now the 3rd largest cryptocurrency after soaring 54% to reach a new all-time high of $283
Binance Coin (BNB) continued its remarkable price rally today, surging by a massive 54% to reach a new all-time high of $283. The BNB token has so far skyrocketed 112% over the past week. But that is measly compared to its monstrous 550% jump year to date, a move that has seen it climb the charts in terms of market cap.
Yesterday, BNB outperformed most cryptocurrencies in the top 50 rankings as it flipped the perennial top-three coin XRP, as well as new contenders Polkadot (DOT) and Cardano (ADA).
After the latest upside, Binance Coin has hit a market cap of $40 billion (at the time of writing), flipping stablecoin Tether (USDT).
This milestone puts Binance’s native token into the third spot among the largest cryptocurrencies by market cap; behind only Ethereum (ETH) with over $220 billion and Bitcoin (BTC) that is eyeing a trillion-dollar market cap. The top cryptocurrency market valuation currently stands at over $963 billion following its historic surge to prices above $52k.
Binance Coin price analysis
Binance Coin is trading higher on strong tailwinds from fundamental growth and the technical picture suggests further growth is possible if the bullish momentum holds.
On its latest leg up, BNB/USD broke above a key upward continuation pattern, registering strong moves above $200 and $250. As the candlestick pattern on the 4-hour chart shows, the pair has settled above the 20-day EMA.
If buy-side pressure pushes BNB past the immediate hurdle at $272, the next target could be a retest of 24-hour highs near $283. Achieving this will then likely allow bulls to aim at $300, with the potential to hit higher highs above this level.
On the downside, the first support level is at $262, an anchor provided by the 0.236 Fibonacci retracement level of the move from $194 low to $283 high. If sellers continue to eye profits, then two further support levels could be at the 0.5 Fib level ($238) and 0.618 Fib level ($228).
Apart from the psychological support level at $200, the main long-term support zone is at the 20-EMA ($184).
As Binance CEO Changpeng Zhao has also noted, BNB also rallied higher against BTC, reaching its highest value in history.
“BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years.”
Binance Coin price benefits from DeFi
We highlighted yesterday that Binance Coin has benefitted from growth momentum on the Binance Smart Chain, with users flocking from a congested and prohibitively expensive Ethereum. It appears that momentum has found another gear following Binance’s listing of DEX platform DODO on its Launchpool.
As an incentive, users have a chance to earn DODO tokens by staking BNB, BETH (staked ETH), and BUSD into three liquidity pools. Over the next14 days, participants will earn a share of 1 million DODO that currently trades around $5.30.