BNB Smashes Through $700 Level as Bitcoin Stalls

The BNB cryptocurrency has reached a new all-time peak of $710 earlier today, according to CoinGecko data.

The fourth-largest cryptocurrency is currently valued at $106 billion after spiking roughly 16% over the last week. 

Notably, open interest in BNB has more than doubled on Wednesday amid the massive price rally. Binance comes in first place when it comes to BNB futures open interest with more than $700 million. 

More than $4.4 million worth of Bitcoin short positions have been liquidated over the past 24 hours, according to CoinGlass data. 

Various projects on the BNB Chain have also seen surging trading activity. Meme coin Floki Inu (FLOKI), the biggest meme token on BNB Chain, has added another 8% over the past 24 hours. 

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In the meantime, the BSC ecosystem is experiencing healthy growth, with major projects of the likes of PancakeSwap, Venus, Solv Protocol, and PinkSale having recorded significant gains in total value locked (TVL) over the past 24 hours. 

BNB has substantially outperformed Bitcoin and other cryptocurrencies over the last week. The flagship cryptocurrency is currently struggling to decisively break above the $73,000 level. If Bitcoin does manage to achieve such a feat, it might have a shot at conquering the $100,000 level by the end of the year, according to Galaxy Digital CEO Mike Novogratz.