BNB led gainers in the top 10 cryptocurrencies by market capitalization, despite Binance’s growing challenges. Bitcoin and Ether rose during afternoon trading in Asia, as market analysts are saying it could start picking up more bullish momentum above the US$26,000 mark.
See related article: Weekly Market Wrap: Deutsche Bank’s crypto move propels Bitcoin to US$26,750
BNB was the day’s biggest gainer in the top 10 cryptocurrencies, rising 0.94% in the 24 hours leading up to 4:30 p.m. in Hong Kong, to US$216. BNB was up 2.98% in the past week, following the departure of Binance. U.S. CEO Brian Shroder and after the exchange laid off over 100 employees last week.
BNB has faced significant challenges this year over the Binance exchange’s mounting legal issues. BNB fell below the US$300 support level on June 6, after the Securities and Exchange Commission (SEC) sued Binance for alleged securities violations.
In the wider crypto market, Bitcoin rose 0.8% during afternoon trading in Asia, to US$26,704.
“At current levels above US$26,000, momentum can easily build up, bearing in mind that ECB’s Christine Lagarde said on Thursday she would not expect inflation to fall significantly after she delivered the 10th interest rate hike,” Phillip Lord, president of the crypto payment app Oobit, told Forkast.
“Cash is no longer king in a world where your daily shopping basket gets more expensive by the day and where your bank account pays more interest at a lower risk than securities, where as cryptocurrencies as the digital money of the future offer an attractive add-on to any investment or personal finance portfolio.”
Ether, the world’s second-largest cryptocurrency, also rose 0.8% in afternoon trading to US1,632, remaining above the US$1,600 support level since last Wednesday.
The total crypto market capitalization over the past 24 hours rose 0.41% to US$1.06 trillion while market volume increased 10.30% to US$19.49 billion, according to CoinMarketCap data.
The Forkast 500 NFT index fell 0.73% to 2,012.48 points in the 24 hours to 4:30 p.m. in Hong Kong and fell 5.10% during the week.
Bitcoin became the second-largest blockchain network by 24-hour NFT sales volume, rising 179% to US$1.2 million, boosted by a 268% surge in $SATS BRC-20 NFTs, that generated US$608,633 in sales for the network, becoming the fourth largest collection by daily sales across all chains, according to CryptoSlam.
Ethereum’s 24-hour NFT sales rose 18.37% to US$5.06 million, as sales for CryptoPunks increased 254% to US$880,422, making it the second-largest NFT collection across all blockchains by 24-hour sales volume.
In the month’s second-largest NFT sale, CryptoPunk #3609 sold for 420 Eth (US$682,748) earlier today. The seller logged a US$3,568 loss, having bought the CryptoPunk NFT 2 years ago for 375 ETH (worth US$679,178 at the time).
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