BNB Overtakes Solana to Secure 5th Spot by Market Cap After Historic Rally

While Bitcoin struggles to hit the coveted $100k threshold, several altcoins have taken the charge to post impressive rallies. One such is Binance Coin (BNB), which has soared to a new all-time high six months later.

In just the past 24 hours, BNB has surged by over 22%, reaching a record high of $793 on CoinMarketCap. This remarkable rise brings its year-to-date gains to nearly 200%.

As of December 4, BNB has surpassed Solana (SOL) in market capitalization, securing its position as the fifth-largest cryptocurrency with a value of approximately $113 billion. Additionally, the crypto asset’s 24-hour trading volume has surged by 153%, reaching $6.28 billion on the same day.

The price spike has triggered notable liquidations across the market. Data compiled by CoinGlass revealed that $5.4 million worth of short positions in BNB were liquidated in the past 24 hours.

CoinGlass’s data further indicated a significant surge in BNB’s derivatives trading activity. Its volume, for instance, increased by 301% to $6.4 billion, and open interest rose by almost 40% to $1.5 billion, which suggests heightened market participation and growing speculative interest in the token.

Despite a slight pullback, experts remain optimistic about BNB’s trajectory as the asset breached several key resistances. Crypto analyst Ali Martinez had previously said that a close above $662 for BNB could pave the way for a potential move to $1,630.

This new milestone comes shortly after reports revealed that 35.5% of BNB Chain’s blocks were targeted by Sandwich attacks in November. In the past week alone, 645 Sandwich Bots were identified on the chain, impacting roughly 43,400 DEX traders. The trading volume on BNB Chain’s DEX for the week reached $9.232 million, with Sandwich Bot transactions contributing $1.322 million.

Despite this, BNB’s price showed no reaction, maintaining its dominance in altcoin gains.