BNB overtakes Solana to secure fifth spot by market cap after historic rally

Even as Bitcoin struggles to reach the coveted $100,000 threshold, several altcoins have taken it upon themselves to post impressive rallies. One of these is Binance Coin (BNB), which has soared to a new all-time high six months later.

In the last 24 hours, BNB is up more than 22%, hitting an all-time high of $793 on CoinMarketCap. This remarkable increase brings its year-to-date gains to nearly 200%.

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

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

CoinGlass data further indicated a significant increase in BNB derivatives trading activity. Its volume, for example, rose 301% to $6.4 billion, and open interest jumped nearly 40% to $1.5 billion, suggesting greater market participation and speculative interest growing in witness.

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

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

Despite this, the price of BNB showed no reaction, maintaining its dominance in altcoin gains.

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