BNB Price Hits New ATH With Slight Recovery
BNB price rises 16% to a new all-time high (ATH) on Monday, reclaiming all losses from the crypto market crisis.
BNB price rises 16% to a new all-time high (ATH) on Monday, recouping all losses from the crypto market crisis. Binance co-founder Changpeng Zhao, sometimes called CZ, has spurred market optimism.
Changpeng Zhao Drives Bullish Recovery in BNB Price
During the flash crash, the BNB price crashed by more than 15% before recovering rapidly. The crypto asset's buy-the-dip mood was fueled mainly by Changpeng Zhao's social media statements and Binance's commitment to refund consumers who lost money due to USDe, wBETH, and BnSOL price drops.
CZ verified that BNB lacks market makers, which gives the decentralized crypto community more power. He said the Binance currency is a great crypto asset for various reasons, including builders, community, and deflationary. Notably, market makers continue to hold BNB due to fee benefits and a belief in its future, according to Zac Zou, co-founder of DWF Labs.
When asked about the strength of the BNB ecosystem and Binance's dedication, Chanpeng Zhao replied, “Some people ask why BNB is so strong?” CZ stated that significant BNB ecosystem actors, such as Binance, Venus, and others, are pouring hundreds of millions of dollars from their pockets to “protect users,” while others have attempted to ignore, hide, transfer blame, or attack competitors.
Despite the fall of the crypto market, Nansen data showed that BNB coins continued to receive smart money net inflows. Most top flows are new meme coins, with Four (FORM) topping in smart money inflows. Nansen claimed that a large trader count indicates coordinated action on newer tokens.
Binance Coin Pumps at 16%
The BNB price has risen by more than 16% in the last 24 hours, and is currently trading at $1,348.73. The intraday low and high prices were $1,157.26 and $1,353.97, respectively. Furthermore, trading volume has increased by 72% in the last 24 hours, demonstrating widespread interest among traders.
The Binance coin price recovered all its losses from the cryptocurrency market crisis. The cryptocurrency community blames Binance for the largest-ever crypto market drop. The recovery has prompted market expectations that the price could soon reach $2,000.
The total open interest in Binance coin contracts across all cryptocurrency exchanges topped $2.65 billion but remains below the previous highs set last week. The total open interest in BNB futures has increased by more than 34% in the previous 24 hours and 11% in the last 4 hours.
