While Bitcoin, Ethereum, and with them large parts of the crypto market are currently in a lurking position, one coin is standing out: BNB. Binance’s cryptocurrency just hit a new record high of over $1,000 this week.

And the ride didn’t seem to be over yet. BNB has now surpassed this mark and, at the time of writing, is trading near $1,100. Overall, this represents an increase of almost 8 percent compared to the previous day.

BNB’s market capitalization is now almost $150 billion. This makes Binance’s coin worth more than chip manufacturer Intel (market capitalization $138 billion).

After the all-time high, a large portion of investors in the derivatives markets had actually assumed that BNB might be facing a sell-off. This assumption has now been punished, as the liquidation data shows.

In total, almost $10 million was wiped out on the derivatives markets in the last 24 hours. Investors betting on falling prices generated $9.1 million.

Trading activity for BNB futures and other financial contracts also led to a new all-time high in open interest. A volume of $2.4 billion is currently still open.

Meanwhile, there appear to be several reasons for the BNB rally. Binance founder Changpeng “CZ” Zhao named some in an X-post.

First, there is the US government’s crypto-friendly approach, which is having a generally positive impact on investor sentiment. Second, the ecosystem is benefiting from an update that has once again significantly improved performance. CZ has resulted in faster block times and lower transaction fees.

The question remains: what’s next for BNB? In his analysis, BTC-ECHO analyst Stefan Lübeck sees the area around $1,200 as the next relevant level. However, a pullback to $896 is likely first, before the zone around the all-time high is recaptured, leading to a breakthrough to the target level.