BNB Reaches New All-Time Highs Against BTC as Altcoins Gain Ground on Bitcoin

BNB Reaches New All-Time Highs Against BTC as Altcoins Gain Ground on Bitcoin

BNB Reaches New All-Time Highs Against BTC as Altcoins Gain Ground on Bitcoin

Key highlights:

  • BNB has reached new all-time high price against BTC
  • In USD terms, BNB has gained almost 20% this week
  • Several altcoins have gained 30% or more against USD while Bitcoin has stagnated

BNB sets new all-time highs against BTC

BNB continues setting new all-time highs against Bitcoin as many altcoins continue outperforming Bitcoin in the short term. Earlier today, the BNB price against Bitcoin reached ₿0.0171, which is the coin’s highest BTC-denominated price on record. 

BNB/BTC chart

In USD terms, the price of BNB has gained close to 20% this week, with the price exceeding the $350 level for the first time since May 2022. BNB now commands a market capitalization of $56.7 billion, which makes it the fourth-largest crypto asset on the market. 

While many alts have been performing well this week, it’s possible that BNB had some unique catalysts that helped propel the coin towards new all-time highs against BTC. Here’s the most important BNB news that have happened as of late.

Earlier this week, Binance introduced Hashflow as the latest project on Binance Launchpool, offering HFT token rewards to users that stake BNB and BUSD. This might have helped drive demand for BNB.

In an important development for the BNB Chain ecosystem, Binance announced the launch of their Binance Oracle service, which gives smart contracts on BNB Chain access to off-chain data.

Another factor that could be factored into the BNB price prediction is that Binance has committed to providing $500 million towards Elon Musk’s acquisition of Twitter. Since Dogecoin has been rallying due to Twitter-related speculation, it’s possible that BNB is also benefiting from similar speculation. 

Altcoins rallied this week while Bitcoin stagnated

Currently, Bitcoin has a market dominance of 37.8%. In 2022 so far, Bitcoin dominance has been 35.5% at its lowest point and 45.9% at its highest.

While Bitcoin has only gained 1.8% in the last 7 days, a number of altcoins have seen big upwards moves. Loopring is leading the charge with a 46.8% increase, but Dogecoin is not too far with its 46.5% gains. ECOMI, Arweave and Chiliz have also performed extremely well this week.

Top 10 cryptocurrencies

In the next few days, it will be definitely worth keeping an eye on Bitcoin, as it wouldn’t be too surprising to see BTC strike back against alts and reclaim some of its market dominance.

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