BNB Surges 17% to New All-Time High as Bitcoin Hits $71,000

On June 5, BNB price increased by more than 17% to hit its highest ever level. The gains came amid an overall upside flip for Bitcoin, which rose

BNB, the native token of the Binance ecosystem, hit a new all-time high on June 5, with its market cap rising to over $100 billion.

BNB price increased by more than 17% to hit its highest ever level on June 5. The gains came amid an overall upside flip for Bitcoin, which rose past the $71,000 mark for the first time since May 21.

As BTC extended recent recovery to above the psychological level, BNB bulls tore past the previous ATH to hit $716 on crypto exchanges. Having traded at lows of $592 on June 1, 2024, the Binance coin outshone other top 10 coins by market cap.

BNB’s market cap hit $110 billion as the price soared, pushing the cryptocurrency into 4th spot overall behind USDT, Ethereum and Bitcoin. The 24-hour trading volume reached $3.5 billion.

BNB price outlook

BNB’s upward momentum comes as the Binance exchange sees continued resurgence in community sentiment. The platform’s Launchpool is a top offering that has helped BNB holders grab new gems such as the hot Notcoin (NOT) token.

While BNB is trading around $706 at the time of writing, there’s likelihood bulls may target further gains above the $700 level. This outlook will strengthen if buyers push above the initial rejection area around $716.

A break to $750 could encourage bulls, a scenario that has crypto analysts bullish on BNB price.

The weekly chart on TradingView shows BNB price jumped 17% in the past three days.

Meanwhile, BNB’s daily chart shows the breakout from the ascending triangle has the RSI in the overbought zone, however it’s not overextended and the MACD indicator has a bullish bias to suggest buy side pressure remains.

According to Coinglass data, the BNB open interest currently stands at $1.1 billion, with a 24-hour change of +39%.