A crypto trader has stunned the market after turning just $68,700 into $9.4 million in only two days of trading BNB, the native token of Binance.
According to Lookonchain, the trader reportedly used 68 BNB, valued at $68,700 at the time, to purchase 63.07 million tokens.
Just two days later, those holdings soared in value, now worth $9.4 million, marking a profit of more than $9.3 million. “This guy turned $68.7K into $9.4M in just 2 days, a 135x return!” Lookonchain posted on X.
BNB Hit New Highs
This happened as a result of BNB hitting a new record high. At the time of writing this report, the token is trading for $1,155, which is a new record high following a rapid twenty-four-hour rally, with a daily trading volume of $4.21 billion. This increase is about a 9% surge in just one day amid strong bullish momentum surrounding the token.
Meanwhile, the sudden rally has not come without consequences for traders on the wrong side of the market. According to a previous report, Coinglass data showed that in the past twenty-four hours alone, more than $396 million in positions were liquidated across the crypto market. Short traders, who were betting against rising prices, lost approximately $268 million, while long traders absorbed losses of about $127 million.
Out of this, BNB-linked liquidations totaled $7.71 million, with $7.34 million coming from short positions, reflecting the heavy pressure placed on bearish bets.
Breakouts driving momentum
Analysts attribute BNB’s rally to a clear pattern of bullish breakouts. Crypto King explained, “$BNB is showing perfect trend continuation.” He pointed to three distinct breakouts in July, September, and now October. According to the chart, the breakouts followed consolidation phases before prices surged again. The recent breakout pushed BNB past the psychological $1,000 level.
NekoZ shared a similar view, calling BNB’s price moves “a masterclass in trend continuation.” He noted the consistent breakouts and expects more gains. With rising trading activity, this indicates strong confidence in the market.
Also Read: Bitcoin Surges Past $120K as Uptober Rally Gains Strength
