Binance Coin (BNB), the Binance exchange’s native cryptocurrency, just achieved a significant milestone by crossing the $700 mark for the first time, which sets a new all-time high for BNB.
The coin just retested its all-time high (ATH) and set a new one for $711.56. According to CoinMarketCap, the price of Binance Coin has risen by 6.08% to $703, representing a weekly increase of more than 17%.
The BNB coin is ranked 4th right now, it’s just below Bitcoin (BTCUSD), Ethereum (ETHUSD), and Tether (USDTUSD), having a market capitalization of $104 billion.
The coin reached $671 on May 16, 2021, after trading at an all-time low (ATL) of $0.09611 nearly seven years earlier. Following this rally, it fell to a low of $169 as the crypto winter hit hard, forcing many HODLers to sell their coins.
Trading Volumes on BNB chain-based tokens have also surged significantly. According to Coingecko in the last few trading sessions, they have increased up to 124%. For example, the widely known dog-themed meme coin FLOKI gained 25% while Pancakeswap’s CAKE jumped around 15%.
Despite its market success, Binance is facing substantial legal obstacles. Recently, the corporation has been involved in a conflict with Nigerian authorities, which resulted in the incarceration of some of its local officials. Binance is presently battling for their release, but thus far their efforts appear to have failed.
At the end of last year, Binance settled with the U.S. Department of Justice, paying a $4.3 billion fine for alleged anti-money laundering failures without admitting guilt. Founder and CEO Changpeng Zhao resigned and was sentenced to several months in U.S. prison.
Binance Coin hit a new all-time high, while Toncoin also retested its ATH, driven by ecosystem whales. TON surged 10% to $7.78 before retracing to $7.48 and at the time of writing, the price of TON is $7.24.
