The price of BNB, the native cryptocurrency of the Bitcoin exchange Binance, has surged to an unprecedented peak. BNB, ranked as the fourth-largest cryptocurrency by market value, has experienced a remarkable increase of more than 11% within the last 24 hours, reaching a historic high of $716.

BNB Achieves All-Time High, Surpassing $700

The native token of the BNB Chain ecosystem, BNB, has exceeded its previous peak of around $690 recorded in May 2021.

In terms of transaction volume, a substantial amount of approximately $3.3 billion worth of BNB has been traded over the past day. Presently, BNB's market capitalization sits at $107.2 billion.

The recent surge in BNB's value is largely attributed to the increasing popularity of Binance Launchpool. This platform mandates users to retain and stake BNB for eligibility in new token offerings on Binance, which stands as the world's largest cryptocurrency exchange.

Meanwhile, the value of Bitcoin has also marked a significant increase, climbing by 2.89% in the last 24 hours to surpass the $71,000 threshold. Most other alternative cryptocurrencies are similarly experiencing positive growth, contributing to the optimistic momentum in the market.

Experts suggest a high probability for BNB to reach levels of $1000, especially if the price of Bitcoin remains steady or rises in the upcoming period.

*Please note that this content is not intended as investment advice.