Binance Coin is among the top performers in the past 24 hours in the altcoin space, surging by over 6% and further extending its lead above XRP in terms of market cap placement.
This impressive rally on a rather dull Saturday after the Friday market rejection came following some positive news from Kalshi and the overall growth of the BNB Chain.
BNB Pops
The native token of the broader Binance ecosystem traded at $725 yesterday amid the market-wide revival that drove BTC to $82,400. However, the subsequent retracement prompted by the strong US jobs report pushed it south to $710. The asset found solid support there and exploded out of the gate, surging to $770 minutes ago for the first time since early February.
This Saturday’s rally is quite unexpected since most of the market is still in the red following yesterday’s bad news for risk-on assets. As such, the reason for BNB’s defiance is likely coming from outside factors, such as Kalshi’s move to launch perpetual futures contracts for the asset in the US, regulated by the Commodity and Futures Trading Commission.
Leverage is capped at around 4.5x for eligible US traders and comes after the platform added support for other altcoins such as ADA, AAVE, WLD, and VVV. Kalshi also supports BNB Smart Chain (BSC) integrations for managing deposits and withdrawals on international accounts.
BNB Chain Growth
The other probable reason comes from a Grayscale report cited by Wu Blockchain. As explained, BNB Chain is among the most widely used networks for trading tokenized equities.
The paper reveals that the weekly spot volume peaked at almost $3 billion in August, while only 5% of the market is currently deployed in on-chain finance. Robinhood Chain leads the pack, followed by BNB Chain and Solana.
Grayscale explained that further US regulatory clarity could “expand tokenized stocks from global, around-the-clock trading products into productive on-chain financial assets.”
Source: CryptoPotato
