BNB Token Sets a New All-time High of $711 After a 12% Rally

TL;DR

• BNB surged by 12% in the last 24 hours to set a new all-time high of $711 per coin.

• The token has added nearly 20% to its value over the past 30 days.

BNB Breaks Above $700, Sets New All-time High

BNB, the native coin of the Binance ecosystem, has become the latest coin to reach a new all-time high. It rallied by more than 10% over the last 24 hours and reached the $711 mark five hours ago.

Thanks to this rally, BNB now has a new all-time high price of $711. The token's previous all-time high came in May 2021, when it was briefly valued at around $690.

Binance remains the world’s leading cryptocurrency by daily trading volume. its native BNB token recorded a trading volume of $3.3 billion in the last 24 hours and has a total market cap of $107.2 billion, making it the fourth largest cryptocurrency by market cap.

Despite Binance’s recent regulatory challenges that resulted in founder and former CEO Changpeng Zhao getting a four-month jail term, BNB continues to be popular thanks to the growing utility of Binance Launchpool. 

Binance Launchpool requires users to hold and stake BNB to participate in new token offerings on the Binance crypto exchange. In May, Binance Launchpool rolled out support for Notcoin, becoming the first crypto exchange to list the token. Notcoin has now become a $2.3 billion market cap cryptocurrency, occupying the 53rd position in the top 100 list. At press time, BNB is trading at $706 per coin, up by 12% in the last 24 hours.