While the crypto market has been doing well since the beginning of June, which is shaping up to be a positive month, the BNB has not missed a beat, reaching a record high last night. How can we explain this rise ?

BNB reaches new heights overnight

Crypto from the world’s largest crypto platform experienced a phenomenal breakthrough overnight. For the first time, Binance’s crypto reached a new ATH and thus surpassed the psychological $700 mark alone. At the time of writing, it is trading at around $710.

After rising 14.6% since yesterday, the BNB managed to touch $716. Over the week, Binance’s darling is up 17.4%. Bitcoin, on the other hand, only gained 3.7% over the same period.

What accounts for this surprising surge ?

Thanks to its Launchpool, Binance has enabled its crypto to gain in popularity with investors. Indeed, the launchpool enables platform users to stake their BNB to participate in the launch of new tokens not listed on the platform. In exchange, they receive cryptos.

This service is a great success, as users flock to the launch of new cryptos. This mechanism has enabled BNB to regain interest and return to the forefront. This has enabled it to reach and exceed its ATH.

Now at 104 billion, BNB’s total capitalization is close to that of very large companies such as Sony or Vanguard Group. It must also be said that, since the validation of Ether ETFs, the crypto market has been doing very well. As for BTC, it only needs to gain 3.6% to overtake its former ATH.

June looks set to be a very positive month.

Chart source : Trading View

👉 Also in the news – ATH in progress: 2 well-known cryptos make their mark

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