Key takeaways
- Binance’s BNB rose 11% in the past 24 hours, reaching a new all-time high of $1,370.
- The crypto platform paid $283 million in compensation to users affected by the depegging of three assets on its platform.
BNB hits a new ATH as Binance faces criticism
BNB, the native token of the Binance ecosystem, extended its strong performance by reaching a fresh all-time high earlier today. The token climbed to $1,370 early Monday, setting a new record and pushing its market capitalization to about $187 billion.
The third-largest cryptocurrency by market cap briefly dropped to support near $1,077 last Friday amid a broader market sell-off. Since then it has rebounded and is trading above $1,300.
The rally comes while Binance faces criticism from parts of the crypto community. Traders recorded significant losses on Friday when three assets on Binance Earn lost their pegs.
The depegging affected three Binance Earn markets: the USDe stablecoin from Ethena, Binance’s liquid staking Solana token BNSOL, and the Wrapped Beacon liquid staking token WBETH.
Binance said it has paid $283 million in compensation to affected users and covered verified losses stemming from internal transfers and Earn redemptions.
BNB could reach $1,500 if the rally continues
As the broader crypto market recovers, BNB has reached new highs. The BNB/USD 4-hour chart shows bullish momentum supported by the recent 24-hour rally.
Momentum indicators remain strongly bullish, suggesting further upside in the short term. A 63 RSI indicates buyers are in control and could push BNB into overbought territory if upward pressure continues. MACD lines also sit in positive territory, reinforcing the bullish bias.
If the rally persists, BNB could target a new all-time high near $1,500 in the coming days or weeks. Conversely, a correction could bring BNB back to retest the weekend low around $1,077 in the hours or days ahead.