The Binance-adjacent cryptocurrency BNB, the native token of the BNB Chain, surged to new all-time high price on Wednesday, the latest large-cap crypto to notch fresh records following bitcoin (BTC), solana (SOL) and Tron’s TRX as capital rotation to altcoins marches on full steam.

BNB hit a $793 session high earlier Wednesday before paring some of the gains, breaking above the $700-$720 level that posed a resistance more than three years, TradingView data shows. The token recently changed hands at $730, still up 14% over the past 24 hours and outperforming BTC’s 0.4% gain and the broad-market benchmark CoinDesk 20 Index’s 2.7% advance.

The action happened as bitcoin has stalled below the psychologically key $100,000 mark and traders rotated capital to smaller cryptocurrencies, or altcoins, to chase gains. Older cryptocurrencies with regulatory overhang including Ripple’s XRP and TRX were among the biggest gainers over the past month as Donald Trump’s election victory promises a friendlier regulatory environment towards digital assets.

BNB was originally launched by crypto exchange giant Binance

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Author: Krisztian Sandor