Binance Coin (BNB) breaks through historical record with a market value exceeding $100 billion, signaling a significant achievement and recognition for the cryptocurrency in the market. This milestone makes BNB one of the few cryptocurrencies with a market value exceeding $100 billion, showcasing the prominent position of Binance Exchange and BNB in the cryptocurrency industry.
In comparison to giants in the traditional financial industry like JP Morgan and Goldman Sachs, with market values of $500 billion and $150 billion respectively, Binance’s market value has yet to reach the level of these traditional financial institutions, but it is rapidly approaching and growing. This demonstrates the potential of the cryptocurrency market and Binance’s leading position within it.
Furthermore, Binance’s market value has surpassed that of the Chicago Mercantile Exchange (CME), a major commodity futures exchange playing a crucial role in global commodity trading. This surpassing indicates the increasing influence of the cryptocurrency industry.
Overall, Binance’s market value exceeding $100 billion represents high recognition of the project in the cryptocurrency market and an enhancement of investor confidence. This achievement highlights Binance’s important position in the cryptocurrency industry and lays a solid foundation for its future development.
Currently, BNB has broken through its historical record high, while mainstream coins are oscillating near their highs, poised to break through and drive a new round of increases.
The next Federal Reserve interest rate meeting is approximately 7 days away (2024.06.13).
Market Technical and Sentiment Analysis
Emotional Analysis Components
Technical Indicators
Price Trends
In the past week, BTC prices rose by 3.58%, and ETH prices rose by 1.75%.
The chart above shows the price movements of BTC and ETH over the past week.
The chart above shows the price movements of ETH over the past week.
The table shows the price change rates over the past week.
Price-Volume Distribution (Support-Resistance)
In the past week, BTC broke through a dense trading area to the upside, while ETH prices fluctuated widely within a dense trading area.
The chart above shows the distribution of dense trading areas for BTC over the past week.
The chart above shows the distribution of dense trading areas for ETH over the past week.
The table shows the dense trading areas for BTC and ETH over the past week.
Volume and Open Interest
After rising on June 3rd, BTC’s trading volume began to increase, while ETH’s trading volume remained relatively subdued overall; both BTC and ETH saw an increase in open interest.
The chart above shows the price trend, trading volume, and open interest for BTC.
The chart above shows the price trend, trading volume, and open interest for ETH.
Historical Volatility and Implied Volatility
In the past week, historical volatility for BTC and ETH remained at relatively low levels, while implied volatility for BTC and ETH decreased.
The yellow line represents historical volatility, the blue line represents implied volatility, and the red dots represent the 7-day average.
Event-Driven
In terms of events, on June 7th, 20:30, U.S. non-farm data significantly exceeded expectations, leading to a rapid rebound in mainstream coin prices after a sharp decline.
Emotional Indicators
Momentum Emotion
In the past week, among Bitcoin, Gold, Nasdaq, Hang Seng, and Shanghai/Shenzhen 300, Bitcoin showed the strongest momentum, while Shanghai/Shenzhen 300 performed the worst.
The chart above shows the performance of different assets over the past week.
Lending Rates-Lending Sentiment
In the past week, the average annualized lending rate for USD was 10.8%, with short-term rates falling to around 9.2%.
The yellow line represents the highest USD interest rate, the blue line represents 75% of the highest rate, and the red line represents the 7-day average of 75% of the highest rate.
The table shows the average returns for USD interest rates over different holding periods.
Funding Rates-Contract Leverage Sentiment
In the past week, the average annualized funding rate for BTC was 12.2%, with contract leverage sentiment maintained at a normal level.
The blue line represents the funding rate for BTC on Binance, and the red line represents the 7-day average.
The table shows the average returns for BTC funding rates over different holding periods.
Market Correlation-Consistency Sentiment
In the past week, the correlation among the selected 129 coins increased to around 0.75, showing a significant increase in consistency among different varieties.
The blue line represents the Bitcoin price, and the green line represents the overall correlation among the selected coins.
Market Width-Overall Sentiment
In the past week, out of the selected 129 coins, 65% were above the 30-day moving average, with 35% of the Bitcoin prices above the 30-day moving average. The percentage of coins that were more than 20% above the lowest price from the past 30 days was 26%, while the percentage of coins that were less than 10% below the highest price from the past 30 days was 64%. The market width indicator for the past week shows that most coins are in a phase of recovery and upward trends.
The chart above shows the percentage of various coins above the 30-day moving average.
Summary
In the past week, Bitcoin (BTC) rose by 3.58% nearing its historical high, while Ethereum (ETH) prices oscillated near previous highs. Their historical volatility remained at relatively low levels. Bitcoin’s trading volume increased after rising on June 3rd, while Ethereum’s trading volume remained subdued. Both Bitcoin and Ethereum saw a slight increase in open interest, with a decrease in implied volatility. Bitcoin’s funding rate remained at a normal level, and the market width indicator shows that overall, the market is in a phase of recovery and upward trends for most coins. The U.S. non-farm data on June 7th, 20:30 significantly exceeded expectations, leading to a rapid rebound in prices after a sharp decline.
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