Binance Coin sets new all-time high amid skyrocketing activity on BSC

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Binance Coin (BNB) has seen its second major rally in February, culminating in a new all-time high of $195 after the token price added over $80 in the last 24-hour trading period.

Thursday’s 42% rally now means BNB is up more than four-fold in February alone with year-to-date gains above 413%.

Binance Coin sets new all-time high amid skyrocketing activity on BSC
BNB/BTC Price Chart. Source: TradingView

The current price rally has taken BNB to the fourth spot on the crypto market capitalization rankings according to CoinMarketCap. However, data from Coingecko still puts BNB in sixth place below both Polkadot (DOT) and Cardano (ADA).

BNB’s current rally has also come amid another 24-hour trading record for the exchange token. According to Coingecko, BNB 24-hour volume is at $8.3 billion as of the time of writing which is significantly higher than the $7.52 billion set during the previous all-time high rally on Feb. 10.

Having crossed the $150 resistance point, commentary on social media puts the $200 psychological level as the next major milestone for BNB.

BNB is also enjoying the effects of the significant increase in activity on the Binance Smart Chain. According to data from Defistation, the total value locked on the BSC is up over 20% in the last 24 hours and now stands at about $8 billion. This figure puts BSC’s total value locked at about a fifth of Ethereum’s DeFi scene.

As previously reported by Cointelegraph, decentralized exchange PancakeSwap recently became the first billion-dollar project on the BSC. PancakeSwap is currently ranked second only to Uniswap in terms of the 24-hour trading volume.

High gas costs on Ethereum is reportedly incentivizing more activity on alternative DeFi environments like BSC. Indeed, the BSC community recently voted to reduce transaction costs from 15 Gwei to 10 Gwei.