- BNB soars to new highs on the heels of robust demand from the derivatives segment.
- BNB outperforms BTC in YTD gains, and on-chain starts indicate accelerating momentum.
As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I must say that the current surge in BNB is nothing short of fascinating. The derivatives segment seems to be driving this bullish trend, which is quite unusual but intriguing at the same time.
The native cryptocurrency of Binance Smart Chain, BNB, might soon reach a value of $800. This digital currency has seen an unprecedented surge in demand over the past day, setting the stage for some intriguing price movements.
Based on data from Coinglass, the open interest for Binance Coin (BNB) in the futures market reached a high of approximately $1.39 billion over the past 24 hours.
Reached a record-breaking peak for Open Interest in its lifetime, outperforming its previous best from 2021.
The increase in Open Interest (OI) was also marked by an unprecedented rise in favorable Funding Rates, indicating that the current OI trend predominantly leaned towards bullish sentiment.
Spot demand was also in line with the derivatives segment. However, it was notably lower in the last 24 hours compared to the level of spot demand on the 3rd of December.
To give some context, the highest inflow in the past day reached $3.43 million, while it was $29.66 million on the 3rd of December.
It appears that the recent surge in BNB’s price, indicating bullish activity, is primarily influenced by the derivatives market. The data on trading volumes strongly supports this notion. In fact, the cryptocurrency reached its highest ever derivatives trading volume of $5.78 billion within the last 24 hours.
BNB price action closes in on $800
As a crypto investor, I’ve noticed an impressive run with BNB. In stark contrast to Bitcoin, BNB reached a brand-new all-time high (ATH) of $793 on December 4th, while Bitcoin has only managed a new ATH in the past 24 hours.
After a period, BNB has dropped to $731 at the current moment. This indicates that some investors may have cashed out their profits in the last day. Yet, it’s maintaining its majority of recent increases quite admirably, potentially breaking through the $800 mark soon.
source: TradingView
In comparison to Bitcoin, Binance Coin (BNB) demonstrated a more significant percentage increase in value this year. Specifically, BNB’s price rose approximately 174% from its lowest point to its highest point in 2024, while Bitcoin experienced a growth of 166% over the same period.
BNB chain accelerates recovery
As a crypto investor, I noticed a significant deceleration in activity on the BNB chain during the latter half of 2023. The start of 2024 showed some signs of revival, but this optimism was short-lived, as a persistent downturn that had been present since April took over once again.
Nevertheless, Q4 has brought forth some recovery.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
The total value locked (TVL) on the BNB chain has reached an all-time high of $6.77 billion, a figure not seen since mid-April. In the past day alone, the market cap of its stablecoins surged to $6.43 billion, marking a new peak for 2024.
The recovery reflects the state of the network, as well as the recent demand resurgence. This suggests that improving market conditions could set the stage for more network activity and potentially new milestones down the line.
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2024-12-06 03:05