Key Takeaways
- Binance’s native token BNB surged 11% in the past 24 hours, reaching a new record high of $1,370.
- The crypto exchange paid $283 million in compensation to users affected by the depegging of three assets on its platform.
BNB Hits New ATH as Binance Faces Scrutiny
BNB, the native token of the Binance ecosystem, extended its strong run by setting a new all-time high earlier today. The token climbed to $1,370 on Monday morning, establishing a fresh record and bringing its market capitalization to about $187 billion.
The cryptocurrency, the third-largest by market capitalization, had briefly fallen to support near $1,077 on Friday amid broad market losses. Since that dip it has rebounded and is currently trading above $1,300.
This rally arrives even as Binance faces criticism from traders in the crypto community. Traders suffered significant losses on Friday when three Binance Earn assets experienced depegging events.
The depegs affected three Binance Earn markets: Ethena’s USDe stablecoin, Binance-issued Solana liquid staking token BNSOL, and the Wrapped Beacon liquid staking token WBETH.
Binance announced it paid $283 million in compensation to impacted users. The exchange said it covered verified losses through internal transfers and Earn redemptions to make affected users whole.
BNB Could Reach $1,500 If Rally Continues
As the broader crypto market recovers, BNB has pushed to a new record. The BNB/USD 4-hour chart shows bullish momentum, fueled by the token’s gains over the last 24 hours.
Momentum indicators remain strongly bullish, indicating the potential for further upside in the short term. A relative strength index (RSI) around 63 suggests buyers are in control and could push BNB into overbought territory if the bullish trend persists. The MACD lines are also in positive territory, reinforcing the bullish bias.
If the rally continues, BNB could rise toward a new high near $1,500 in the coming days or weeks. Conversely, if a correction occurs, BNB may decline in the near term and could retest last weekend’s low around $1,077.