Binance Coin (BNB) has hit a new all-time high (ATH) against all odds. The large-cap altcoin, with a fully diluted valuation of about $121 billion, surged over 4.4 percent on Wednesday to reach a new ATH of above $875 during the mid North American trading session.
According to market data from Binance-backed CoinMarketCap, BNB’s daily average trading volume surged by over 26 percent to hover around $3.4 billion at the time of this writing.
Top Reasons Why BNB Price Hit New ATH Today
The sudden BNB price rebound to a new all-time high happened after Wednesday’s FOMC meeting minutes, which weighed down on a possible rate cut in September. The BNB’s bullish sentiment was bolstered by the impressive performance of the BNB Chain in the recent past amid renewed demand for BNB by institutional investors.
For instance, the BNB chain has recorded more than 5,800 decentralized applications (Dapps) since its inception. As a result, the BNB chain’s active addresses have hit 14 million for nine weeks in a row, and its total value locked reached a three-year peak of $13.4 billion.
According to market data analysis from CoinGecko, the Binance exchange recorded a spot volume of $698 billion in July, up 61 percent from the prior month. Remarkably, the Binance exchange controls almost 40 percent of the entire CEX market, 4.5 times higher than the closest competitor.
Midterm Targets
From a technical analysis standpoint, the BNB price has formed a similar macro bullish structure to the 2021 bull rally. Having entered price discovery, the BNB price is well-positioned to record a parabolic rally soon.
According to crypto analyst alias Rand on X, the BNB price is well-positioned to hit $1000 in the near term fueled by robust fundamentals.
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