Leading cryptocurrency Bitcoin (BTC) broke a new record since August over the weekend.
At this point, Bitcoin broke through the $125,000 barrier, reaching its highest level in its 17-year history. According to CoinMarketCap data, the price rose to $125,559.21, with a trading volume of approximately $50 billion recorded in the last 24 hours.
While altcoins accompanied this rise in Bitcoin, Binance Coin (BNB), the native cryptocurrency of Binance, the world’s largest cryptocurrency exchange, also broke a new record.
Unlike many altcoins that remained outside my rise in altcoins and did not rise much, BNB was one of the rare altcoins that could keep up with the rise in Bitcoin.
BNB broke a new record high above $1,200, according to Binance data. It has reached $1,214, a gain of over 3% in the last 24 hours.
It is estimated that this rise in BNB, which broke a new record by exceeding $1,100 in the past weeks, is due to increased buying pressure in futures transactions and rumors that more spot BNB ETF applications are coming.
According to Coinglass data, BNB futures open interest increased by 18% to over $2.5 billion, reflecting investor expectations that the price could rise further.
Cryptocurrency analyst Ali Martinez also stated that BNB’s upward trend could continue given the strong technical outlook and on-chain data, predicting it could reach as high as $1,300. According to Martinez, the increase in trading volume and investor interest suggest this target is achievable in the short term.
*This is not investment advice.