Key takeaways
- Binance’s BNB is up 11% in the last 24 hours and has set a new all-time high of $1,370.
- The crypto exchange paid $283M in compensation to users affected by the depegging of three assets on its platform.
BNB hits a new ATH as Binance comes under fire
BNB, the native coin of the Binance ecosystem, has continued its excellent performance by hitting a new all-time high earlier today. The coin touched $1,370 early on Monday, setting a new all-time high in the process and hitting a market cap of $187 billion.
The third-largest cryptocurrency by market cap temporarily dropped to the $1,077 support on Friday as the broader crypto market recorded massive losses. However, it has since bounced back and is now trading above $1,300.
The rally also comes as Binance faces criticism from traders within the crypto community. Traders recorded massive losses on Friday as Binance depegged three Binance Earn assets.
The depeg occurred in three Binance Earn markets — Ethena’s stablecoin USDe, Binance-issued Solana liquid staking token BNSOL, and Wrapped Beacon liquid staking token WBETH.
However, Binance announced that it had paid $283 million in compensation to the affected users. Furthermore, it covered users with verified losses from internal transfers/Earn redemptions.
BNB could hit $1,500 as rally continues
While the broader crypto market is recovering, BNB has also rallied to a new all-time high. The BNB/USD 4-hour chart is bullish and efficient thanks to BNB’s rally over the last 24 hours.
The momentum indicators remain extremely bullish, suggesting that BNB could rally higher in the near term. The RSI of 63 shows that buyers are in control and could push BNB into the overbought region if the bullish bias persists. The MACD lines are also within the positive region, indicating a bullish bias.
If the rally continues, BNB could surge towards a new all-time high of $1,500 over the next few days or weeks. However, if BNB undergoes a correction, it could decline and retest the weekend low of $1,077 ovr the coming hours or days.
