BNB is this week's top alt performer, surging 28.56% and outpacing Bitcoin and all major altcoins.

BNB is this week's top alt performer, surging 28.56% and outpacing Bitcoin and all major altcoins.

Binance Coin (BNB) has been the top altcoin performer this week, surging by an impressive 28.56%. This remarkable performance has not only outpaced Bitcoin but also all other major altcoins. The native token of the BNB Chain Network reached a new high of just above $1,300, overtaking Ripple’s XRP to become the third-largest cryptocurrency by market capitalization .

BNB’s price touched an all-time high of $1,311 after rising 6.5% in the last 24 hours. Retail sentiment around the altcoin jumped to ‘bullish’ from ‘neutral’ territory on Stocktwits, indicating strong investor interest . With a market capitalization of about $180 billion, BNB now ranks ahead of XRP, whose value stands at roughly $178 billion .

The surge in BNB’s value is attributed to several factors. The Binance Coin demand has surged, fueled by speculative investors and $5.95 billion in cash inflows into crypto investment products this past week . Additionally, on-chain analysis shows that strategic investors are rotating capital into BNB, chasing better upside, with an ROI nearly 2x that of Ethereum .

The Binance/Binance ratio has dropped 60%, indicating a significant shift in capital from Ripple to Binance Coin. This capital rotation is evident in the on-chain flows, with active addresses on BSC jumping 22% in September . The implied per-BNB cost basis is now $1,194, marking a fresh all-time high.

The overall cryptocurrency market capitalization rose 0.6%, steady at around $4.38 trillion after breaching the $4.4 trillion mark on Monday. Bitcoin remained steady after hitting a record high of over $126,000 in the previous session, trading at around $124,500 .

In conclusion, Binance Coin’s strong performance this week is a testament to its growing popularity and strategic value among investors. With continued positive sentiment and strong on-chain activity, BNB is well-positioned to maintain its position as a top-performing altcoin.