The BNB cryptocurrency has surged to a new all-time high of $710 today, based on data from CoinGecko. With a market valuation of $106 billion, BNB has witnessed a remarkable increase of about 16% in the past week. Open interest in BNB doubled on Wednesday, particularly driven by a significant price surge, with Binance dominating in BNB futures open interest exceeding $700 million. Moreover, more than $4.4 million worth of Bitcoin short positions were liquidated in the recent 24-hour period, as reported by CoinGlass.

The BNB Chain ecosystem is experiencing heightened trading activity with projects like Floki Inu (FLOKI) showcasing an 8% increase in value over the past day, solidifying its position as the leading meme token. Additionally, the BSC ecosystem is witnessing healthy growth, as notable projects including PancakeSwap, Venus, Solv Protocol, and PinkSale have recorded substantial gains in total value locked (TVL) within the same 24-hour timeframe.

BNB has notably outperformed Bitcoin and other cryptocurrencies in the past week. While Bitcoin currently faces resistance in breaking the $73,000 level, achieving this milestone could pave the way for a potential climb to $100,000 by year-end, as suggested by Galaxy Digital CEO Mike Novogratz.