- BNB market cap hits $112.2B, overtaking DBS Bank and Strategy in global rankings.
- Price climbs to $808.69 despite lower trading volume, showing strong market resilience.
- RSI and MACD indicate bullish momentum with potential short-term consolidation.
Binance Coin (BNB) just hit a major milestone, reaching a market capitalization of $112.2 billion to flip both DBS Bank and Strategy. This move now places BNB as the 191st largest asset in the world by market cap, a clear sign of its growing presence in the global financial market.
Currently, BNB trades at $808.69, marking a 2.31% increase over the last 24 hours. The coin holds the fifth position in overall crypto market capitalization, with a total value of $112.64 billion, recording a 2.3% rise. Despite the price increase, BNB’s 24-hour trading volume declined by 3.92%, totaling $2.28 billion. This sets the volume to market cap ratio at 2.02%, showing relatively moderate trading activity compared to its market size.
The token’s total and circulating supply both stand at 139.28 million, meaning all available coins are in circulation. BNB does not have a maximum supply cap.
What’s fueling this? This milestone is backed by serious capital and here’s our report on the $2 billion investment Binance recently secured.
BNB Intraday Price Action
Over the past 24 hours, BNB’s price has seen some notable swings. It started the day below the $790 level before recovering and climbing above $795 in the late evening. The price then stabilized in the $795 to $800 range through the early morning hours before a surge began around 6:00 AM.
In the hours since, BNB’s price has climbed from $800 to surpass $808, consolidating its recent gains.
BNB Technical Indicators Point to Short-Term Consolidation
A look at the technical indicators gives some insight into BNB’s near-term direction. The Relative Strength Index (RSI) is at 63.07, a bullish signal that is still below the overbought level of 70, suggesting there is still room for the price to appreciate.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a MACD line value of 17.9 and a signal line at 19.9. The MACD histogram reads -1.9, indicating the MACD line is below the signal line. This signals short-term selling pressure or consolidation following recent gains. However, the decreasing histogram bars point to weakening bearish momentum, signaling a bullish reversal ahead.
It’s not just about the price. A massive fee cut on the Binance Chain was a key catalyst. Here’s the full story.
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