Binance Coin (BNB) emerged as a top performer in the altcoin sector, surging by over 6% to reach $770 for the first time since early February. The upward move extended the asset's lead over XRP in market capitalization placement.
After trading at $725 amid a broader market revival, BNB experienced a brief retracement to $710 following a US jobs report. The token subsequently found support at that level and rallied, defying a largely red market for risk-on assets.
Market observers attribute the unexpected Saturday rally to external factors, including Kalshi's decision to launch CFTC-regulated perpetual futures contracts for BNB in the US. The product features leverage capped at approximately 4.5x for eligible US traders. Additionally, Kalshi added BNB Smart Chain integrations to manage deposits and withdrawals for international accounts.
Another contributing factor to the momentum is the growth of the BNB Chain. According to a Grayscale report cited by Wu Blockchain, BNB Chain ranks among the most widely used networks for trading tokenized equities, sitting behind the Robinhood Chain and ahead of Solana. The paper noted that weekly spot volume for tokenized equities peaked at nearly $3 billion in August, with only about 5% of the market currently deployed in on-chain finance.
