Binance Coin, the fifth-largest cryptocurrency by market capitalization, has largely avoided the ongoing crypto crash and is hovering near its all-time high.

Binance Coin (BNB) was trading at $695 on Friday, just 12% below its record high reached in December. In comparison, Bitcoin (BTC) has fallen by 15%, while other mega cap cryptocurrencies like Solana (SOL) and others have all declined by over 20%.

BNB’s resilience is primarily due to its lower correlation with Bitcoin and other cryptocurrencies. According to data from Blockchaincenter, BNB’s 90-day correlation coefficient with Bitcoin stands at 0.65, lower than that of many other major coins.

BNB’s price action is also influenced by its substantial…