The price of BNB +11.29% surged to set its new all-time high during late hours Tuesday.
The token is up more than than 11% in the past 24 hours, reaching a record high of $701 at the time of writing, according to The Block’s price page. The BNB token's previous all time high was in May 2021, when the token briefly valued at around $690.
In terms of volume, about $3.3 billion worth of BNB was traded in the past 24 hours. The token currently holds a market capitalization of $107.2 billion.
BNB’s rally has been supported by popularity of Binance Launchpool. The platform requires users to hold and stake BNB to participate in new token offerings on the world’s largest cryptocurrency exchange.
BNB price chart | Source: The Block
Last month, Binance Launchpool announced its support for Notcoin, where the exchange claimed to be the first platform to list the token. Notcoin, which can be earned on a Web3 game within Telegram, has accumulated $2.2 billion worth of market capitalization since its launch.
Meanwhile, the value of bitcoin has also risen 2.89% over the past day to break above the $71,000 mark, with most other altcoins also in green.