Crypto Today: BNB, OKB, BGB Tokens Rally as BTC, Shiba Inu, and Chainlink Lead Market Rebound
Cryptocurrencies experienced a slight overall increase of 0.13% in early European trading, with a $352 million rise in total valuation. Specific exchange-based native tokens like BNB, OKB, and BGB attracted significant demand, contributing to a $1.9 billion sector increase amid volatile market conditions.
Bitcoin, Shiba Inu, and Chainlink emerged as the top-performing assets among the largest projects.
Bitcoin Market Updates
- Price Surge: Bitcoin's price surpassed $83,000, climbing 5% from its 24-hour low of $79,000.
- ETF Flows: Bitcoin ETFs saw $143 million in outflows after a $13 million inflow the previous day.
Bitcoin Derivatives Market Analysis
According to Coinglass, Bitcoin trading volumes in derivatives markets fell by 14% to $75.77 billion. However, open interest edged up by 1.5%, crossing $48 billion.
This indicates a cautious rebound, with traders showing reluctance to commit to larger positions amid the current market climate.
Altcoin Updates
Altcoins like XRP, BNB, Chainlink, and SHIB saw notable gains early Friday.
Ripple (XRP) price is up 2.3% in the last 24 hours, holding firmly above the $2.3 level at press time.However, the cryptocurrency market only saw a mild recovery of 0.13%, which signals that most of gains are attributed to traders rotating holdings.
- Binance Coin (BNB): BNB has moved sideways, holding above the $570 level, boosted by rumours surrounding Donald Trump's family.
- Shiba Inu (SHIB): The coin witnessed a 4% gain, trading around $0.000012, attracting bargain hunters after a period of underperformance.
- Chainlink: Chainlink rose 5% to retake the $20 level, with ongoing partnerships in TradFi and AI supporting its oracle price feeds.
Chart of the Day: Exchange Tokens on the Rise
The mild 0.13% recovery in crypto markets suggests a cautious investment sentiment. Traders are capitalizing on short-term opportunities by reallocating funds across different sectors, indirectly boosting demand for exchange tokens like BNB, OKB, and BGB.
Data from Coingecko shows exchange-based tokens grew by $1.9 billion in value in 24 hours, reaching $122 billion.
Exchange Token Performance
Key Metrics:
| Token | Price | Intraday Gain |
|---|---|---|
| BNB | $578.51 | 0.2% |
| OKB | $45.05 | 7.5% |
| BGB | $4.18 | 3.7% |
The exchange token sector's outperformance indicates a shift towards exchange-native assets, offering fee discounts, staking rewards, and governance benefits.
Should this dynamic continue, BNB, OKB, and BGB could see further gains, but the absence of fresh bullish catalysts could lead to liquidations.
Crypto News Updates
- Russia's Crypto Oil Trade: Reuters reports Russia is using Bitcoin, Ether, and stablecoins for oil trade with China and India to bypass Western sanctions.
- BlackRock's BUIDL Fund: BlackRock's BUIDL tokenized treasury fund exceeded $1 billion in investments, marking a major milestone.
- US Stablecoin Regulation: The US Senate Banking Committee advanced a major stablecoin regulation bill, aiming to establish federal oversight of US stablecoin issuers.