Binance’s BNB has just hit a new all-time high, driven by widespread enthusiasm and Bitcoin’s (BTC) record high. How high could it go?
BNB price hits new all-time high
BNB had already broken its all-time high three weeks ago. It has now done so again, breaking through the $866 mark for the first time this morning:
BNB has broken through several key resistance levels, confirming a new bullish phase. Over the past few months, it has set several new records. Today, it took just a 4% increase over the last 24 hours to push the price of BNB above the $866 mark on Binance.
Over the month, the cryptocurrency has risen 25%, according to data shared by CoinGecko. Its market capitalization now stands at $119 billion.
The reasons for this new rise
Institutional demand appears to have been strong for BNB in recent weeks. The recent rise seems to have been triggered in part by a purchase by CEA Industries, a listed company. The latter acquired 200,000 BNB, becoming the largest institutional holder of BNB.
In addition, other institutional players are also positioning themselves: there are rumors that companies such as Nano Labs and Windtree are planning to build up reserves in BNB.
This institutional favor is also based on a renewed commitment to the BNB Chain. The total value locked, the capitalization of stablecoins, and the volume of its main DEX, PancakeSwap, are all at record levels.
In other words, there is real activity on the blockchain, which also underwent an update in June (Maxwell). This improved transaction speed and network capacity by optimizing scalability and reducing fees to support the growing use of decentralized applications.
All of this is adding up to generate interest in Binance’s BNB. Some are already dreaming of the $1,000 mark, which the cryptocurrency has never reached. However, caution is still needed: BNB will need to consolidate above $860 before it can claim new heights.
