BNB Reclaims $100 Billion Market Cap Amid Steady Demand

BNB's recent surge has put it back above $100 billion in market cap, but its daily gains trail behind other major coins. The token rose by 3.9% in the last 24 hours and 12.1% over the past month, outperforming Bitcoin's 10% gain. However, BNB lags behind in the current rally.

The reason for this discrepancy lies in the type of investors holding BNB. Unlike other coins, most BNB holders aren't betting against the token but instead hold it to pay lower trading fees on Binance or earn staking rewards. This means there are fewer short sellers caught in a squeeze during market upswings.

The growth in BNB's price is driven by steady demand tied to Binance's operations, with the exchange reporting a two-year high in Bitcoin reserves and increased volume in tokenized stocks on the BNB Chain. While this indicates strong business performance, reaching $100 billion in market cap is more of a reclaim than a new record.

The next major resistance for BNB lies at $800, just 2.4% above its current price. Breaking through this level could open the door to higher prices, but failing to do so might confirm that BNB is lagging behind its peers.