While Bitcoin continues its battle to breach the $100,000 mark, altcoins have taken center stage with impressive rallies. Leading the charge is Binance Coin ($BNB ), which has soared to a new all-time high, reaching $793 on December 4, according to CoinMarketCap. This represents a remarkable 22% increase in the past 24 hours, pushing BNB’s year-to-date gains to approximately 200%.

As a result of this surge, BNB has overtaken Solana ($SOL ) in market capitalization, securing its place as the fifth-largest cryptocurrency with a market value of approximately $113 billion. The token also recorded a 153% increase in 24-hour trading volume, amounting to $6.28 billion.

Market Activity and Liquidations

The rapid price appreciation has triggered significant liquidations across the market. Data from CoinGlass indicates that $5.4 million worth of short positions in BNB were liquidated within the last 24 hours. Derivatives trading activity also saw a substantial increase, with BNB’s trading volume surging by 301% to $6.4 billion and open interest climbing nearly 40% to $1.5 billion. These metrics highlight intensified market participation and growing speculative interest in the token.

Future Outlook and Price Targets

Despite a slight pullback following the rally, market experts remain optimistic about BNB’s potential growth. Crypto analyst Ali Martinez has identified $662 as a key resistance level, suggesting that a sustained close above this threshold could set the stage for a move toward $1,630.

Challenges on the BNB Chain

BNB’s milestone comes shortly after reports highlighted security concerns on the BNB Chain. In November, 35.5% of blocks on the chain were targeted by Sandwich attacks. Over the past week, 645 Sandwich Bots were detected, affecting approximately 43,400 decentralized exchange (DEX) traders. During the same period, trading volume on the BNB Chain’s DEX reached $9.232 million, with $1.322 million attributed to Sandwich Bot transactions.

Despite these challenges, BNB’s price remained resilient, demonstrating its dominance among altcoins and reinforcing its status as a top-performing cryptocurrency.

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