BNB token breaks through $700, price sets new all-time high

The price of BNB surged to set its new all-time high during late hours Tuesday. 

The fourth-largest cryptocurrency by market capitalization rose 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.

BNB is the native token of the BNB Chain ecosystem. The token's previous all time high came in May 2021, when it was 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 cap 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.

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.