BNB price rebounds 16% to hit a new all-time high (ATH) on Monday, recovering all losses from the crypto market crash. This comes as Binance co-founder Changpeng Zhao, aka CZ, fueled bullish sentiment in the market.
Changpeng “CZ” Zhao Drives Bullish Recovery in BNB Price
BNB price also fell more than 15% during the flash crash, but recovered strongly. The buy-the-dip sentiment in the crypto asset was driven mainly by Changpeng Zhao’s social media posts and Binance’s promise to compensate users who lost money due to USDe, wBETH, and BnSOL price depeg.
CZ confirmed that BNB doesn’t have market makers, giving the decentralized crypto community more control over it. He added that several aspects, such as builders, community, and deflationary, make the Binance coin a strong crypto asset. Notably, market makers still hold BNB for the fee perks and belief in its future, said Zac Zou, co-founder of DWF Labs.
Speaking about BNB ecosystem’s strength and Binance’s commitment, Chanpeng Zhao quoted, “Some people ask why is BNB so strong?” CZ said key BNB ecosystem players such as Binance, Venus, and others are pouring hundreds of millions out of their own pockets to “protect users,” while others tried to ignore, hide, shift blame, or attack competitors.
Nansen data showed BNB tokens continued to record smart money net inflows during the crypto market crash. Most top flows are new meme coins, with Four (FORM) leading the smart money inflows. Nansen asserted that high trader counts suggest coordinated activity on newer tokens.
Binance Coin Pumps 16%
BNB price jumped over 16% in the past 24 hours, with the price currently trading at $$1,348.73. The intraday low and high were $1,157.26 and $1,353.97, respectively. Furthermore, the trading volume has shot up by 72% in the last 24 hours, indicating a massive interest among traders.
Binance coin price recovered all losses seen during the crypto market crash. The crypto community blamed Binance for the largest-ever crypto market crash. The recovery has fueled market speculation of the price hitting $2,000 soon.
Total BNB Futures Open Interest. Source: Coinglass
The total open interest of Binance coin contracts across all crypto exchanges surpassed $2.65 billion, but still below the recent highs last week. Total BNB futures open interest climbed over 34% over the last 24 hours and 11% in the past 4 hours.
