As Bitcoin Stalls, BNB Breaks Through $700

According to CoinGecko data, the BNB coin hit a new all-time high of $710 earlier today.

With a 16% surge over the past week, the fourth-largest cryptocurrency is currently valued at $106 billion.

Notably, in the midst of the enormous price surge on Wednesday, open interest in BNB more than doubled. With more over $700 million in BNB futures open interest, Binance is the market leader.

According to CoinGlass statistics, short positions in Bitcoin worth more than $4.4 million have been liquidated in the last 24 hours.

Increased trade activity has also been observed in a number of BNB Chain projects. The largest meme token on BNB Chain, Floki Inu (FLOKI), has increased in value by 8% in the last day.