Binance Coin (BNB) Breaks Historical Record, Market Cap Exceeds $100 Billion
Binance Coin (BNB) has surpassed a market cap of $100 billion, marking a significant achievement and recognition for the cryptocurrency in the market. This makes BNB one of the few cryptocurrencies with a market cap exceeding $100 billion, highlighting the prominent position of Binance Exchange and BNB in the cryptocurrency industry.
In comparison to giants in the traditional financial industry such as JP Morgan and Goldman Sachs, whose market caps are $500 billion and $150 billion respectively, Binance’s market cap has not yet reached the level of these traditional financial institutions, but it is approaching and growing rapidly. This demonstrates the potential of the cryptocurrency market and Binance’s leading position within it.
Additionally, Binance’s market cap has also exceeded that of the Chicago Mercantile Exchange (CME), a major commodity futures exchange that plays a crucial role in global commodity trading. Binance’s surpassing indicates the increasing influence of the cryptocurrency industry.
Overall, Binance’s market cap breaking $100 billion represents high recognition of the project in the cryptocurrency market and an enhancement of investor confidence. This achievement signifies Binance’s significant position in the cryptocurrency industry and lays a solid foundation for its future development.
Currently, BNB has already broken its historical record, while mainstream coins continue to oscillate near their all-time highs, poised to drive a new upward trend.
The next Federal Reserve interest rate decision meeting is approximately 7 days away on 2024.06.13.
https://hk.investing.com/economic-calendar/interest-rate-decision-168
Market Technical and Sentiment Analysis
Sentiment Analysis Components
Technical Indicators
Price Trends
BTC prices rose by 3.58% in the past week, while ETH prices increased by 1.75%.
The above chart shows the price trend of BTC over the past week.
The above chart shows the price trend of ETH over the past week.
The table displays the price change rate over the past week.
Price-Volume Distribution (Support Resistance)
BTC broke through a dense trading area in the past week, while ETH prices fluctuated widely within a dense trading area.
The above chart shows the distribution of dense trading areas for BTC over the past week.
The above chart shows the distribution of dense trading areas for ETH over the past week.
The table shows the dense trading area for BTC and ETH each week over the past week.
POC_SARPoint Of ControlSupportResistancebtc67733.2367200.9570106.38 eth 3780.773742.853867.12
Volume and Open Interest
BTC’s volume began to increase after rising on June 3rd, while ETH’s volume remained relatively low; both BTC and ETH open interest rose.
The top section shows the price trend of BTC, the middle section displays the volume, and the bottom section shows the open interest, with light blue representing the 1-day average and orange representing the 7-day average. The colors of the candlesticks indicate the current state: green for price increase with volume support, red for liquidation, yellow for slow accumulation of positions, and black for congestion.
The top section shows the price trend of ETH, the middle section displays the volume, and the bottom section shows the open interest, with light blue representing the 1-day average and orange representing the 7-day average. The colors of the candlesticks indicate the current state: green for price increase with volume support, red for liquidation, yellow for slow accumulation of positions, and black for congestion.
Historical Volatility and Implied Volatility
Historical volatility for BTC and ETH remained at relatively low levels over the past week, while implied volatility for BTC and ETH decreased.
The yellow line represents historical volatility, the blue line represents implied volatility, and the red dots indicate the 7-day average.
Event-Driven
In terms of events, on June 7, 2024, at 20:30, the US non-farm payroll data greatly exceeded expectations, leading to a rapid rebound in mainstream coin prices after a sharp decline.
Sentiment Indicators
Momentum Sentiment
Among Bitcoin/Gold/Nasdaq/Hang Seng/Shanghai Composite in the past week, Bitcoin showed the strongest momentum, while Hang Seng/Shanghai Composite performed the worst.
The above chart displays the performance of different assets over the past week.
Lending Rates_Borrowing Sentiment
The average annualized lending rate for USD in the past week was 10.8%, with short-term rates dropping to around 9.2%.
The yellow line represents the highest USD rate, the blue line represents 75% of the highest rate, and the red line represents the 7-day average of 75% of the highest rate.
The table shows the average returns for holding USD over different days.
Funding Rates_Contract Leverage Sentiment
The average annualized return for BTC funding in the past week was 12.2%, with contract leverage sentiment at a moderate level.
The blue line represents the funding rate for BTC on Binance, while the red line represents the 7-day average.
The table shows the average returns for holding BTC over different days.
Market Correlation_Consensus Sentiment
Among the selected 129 coins in the past week, the correlation rose to around 0.75, indicating a significant increase in consensus among different types of coins.
The blue line represents the price of Bitcoin, while the green line shows the overall correlation among different types of coins.
Market Breadth_Overall Sentiment
Among the selected 129 coins in the past week, 65% were above the 30-day moving average, with 35% relative to BTC. 26% were greater than 20% from the 30-day low, while 64% were less than 10% from the 30-day high. The market breadth indicator over the past week shows that most coins are in a phase of recovering upward trends.
The above chart displays the percentage of various width indicators for selected coins over the past 30 days.
Summary
In the past week, Bitcoin (BTC) rose by 3.58%, approaching its historical high, while Ethereum (ETH) prices oscillated near previous highs. Their historical volatility remained at low levels. BTC’s volume increased after rising on June 3rd, while ETH’s volume remained subdued. Both BTC and ETH saw a slight increase in open interest, with a decrease in implied volatility. BTC’s funding rate remained at a moderate level, and the market breadth indicator shows that the overall market is in a phase of most coins recovering in an upward trend. On June 7, 2024, at 20:30, the US non-farm payroll data greatly exceeded expectations, leading to a rapid rebound in prices after a sharp decline.
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