The cryptocurrency has risen to $716 U.S., topping its record high of $686 U.S., which it held for three years. Binance Coin has risen 12.5% in the last 24 hours.
The market capitalization of Binance Coin now exceeds $100 billion U.S., making it the fourth largest cryptocurrency.
The new all-time high comes as Binance founder and former chief executive officer (CEO), Changpeng Zhao, begins a four-month prison sentence in California for violating America’s Bank Secrecy Act (BSA).
CZ, as Changpeng Zhao is commonly known, pled guilty in April to charges of money laundering and operating an illegal exchange within the U.S.
The rise of Binance Coin also comes as the broader cryptocurrency market rallies after experiencing a slowdown in late March and throughout April.
The price of Bitcoin (CRYPTO: BTC), the largest crypto by market capitalization, is back above $71,000 U.S. after falling below $60,000 U.S. in April.
Some analysts say they now expect Bitcoin’s price to retest new all-time highs in coming weeks.
Binance is privately held. Its stock does not trade on a public exchange.
This content was originally published by Yolowire.com
Source: Cryptocurrency - investing.com
