BNB is breaking out and needs to hit $2,465 (currently at $1,310) to hit an all-time high against BTC with BTC at $125k. Still a long way to go for BNB to be just the second multi-cycle major to hit an all-time high against BTC after TRX did so in December 2024. $2,465 BNB would put its market cap at $344 billion, where ETH traded in early July at $2,925 ETH.

Despite the total crypto market cap being up 42.5% from roughly $2.5 trillion to $4.3 trillion, and USD M2 up 8.6% to $22.2 trillion, HYPE's circulating market cap still has yet to exceed UNI's peak circulating market cap of $22.5 billion on May 5, 2021.