- BNB price reached a new all-time high of $716 on Wednesday.
- Binance Coin’s market capitalization topped $100 billion, with 24-hour trading volume climbing to $3.5 billion.
BNB, the native token of the Binance ecosystem, surged to fresh record levels as its market cap moved above the $100 billion mark.
BNB surges 17% to new all-time high as Bitcoin tops $71,000
On June 5, BNB’s price jumped more than 17%, reaching its highest level to date.
The rally coincided with a broad market recovery led by Bitcoin, which climbed past $71,000 for the first time since May 21. As BTC pushed above that psychological threshold, BNB buyers quickly overtook the previous record, driving the token to $716 on major crypto exchanges.
Having traded near $592 on June 1, 2024, BNB outperformed many of the top-cap cryptocurrencies over the recent period. As the price climbed, BNB’s market capitalization reached roughly $110 billion, placing it fourth by market cap behind USDT, Ethereum and Bitcoin. Daily trading volume rose to approximately $3.5 billion.
BNB price outlook
BNB’s upward momentum has been supported by renewed community engagement around the Binance ecosystem. Features like the platform’s Launchpool have encouraged participation and helped BNB holders access new token drops, including notable launches such as Notcoin (NOT).
At the time of writing, BNB is trading near $706. Bulls may look to push prices further above the $700 mark, and the outlook would improve if buyers can clear the recent rejection zone near $716.
A sustained move toward $750 could reinforce bullish sentiment; some market analysts view that level as a potential confirmation of continued upside for BNB.
On the weekly timeframe, BNB has gained roughly 17% over the past three days, reflecting strong short-term momentum.
The daily chart shows a breakout from an ascending triangle pattern. The Relative Strength Index (RSI) is in overbought territory, but not at an extreme, while the MACD maintains a bullish bias—both indicators suggesting that buying pressure remains present.
Open interest data from market trackers indicates BNB futures contracts currently reflect roughly $1.1 billion in open interest, representing a 24-hour increase of approximately 39%—a sign of rising trader engagement as prices move higher.