BNB, the native token of the world’s largest crypto exchange, broke a historic record, rising above $1,100, according to Binance market data.
BNB Surpasses $1,100, Hits All-Time High
The token gained 7.27% in the last 24 hours to trade at $1,108.17. This rise is attributed to BNB’s strong use cases within the ecosystem and growing investor interest.
This market volatility also impacted futures. According to Coinglass data, a total of $396 million worth of positions were liquidated in the last 24 hours.
Of this, $268 million came from short positions and $127 million from long positions. This suggests that investors who leveraged their positions to counter sudden price fluctuations in the market experienced significant losses.
BNB is used in a variety of ways within the Binance ecosystem, from trading fee discounts to staking and Launchpad participation. This new high for the token has bolstered optimism for the overall market, while also prompting calls among crypto investors to be wary of volatility.
Experts say this rise in BNB is linked to signals of a general market recovery. However, high liquidation volumes suggest that sharp price fluctuations may continue.
*This is not investment advice.