Binance Coin (BNB) price has hit a new all-time high (ATH) to reach $864, with much of this positive sentiment driven by growing institutional demand.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
Certain catalysts may have triggered a bull run for Binance Coin (BNB). The digital asset has hit a new all-time high (ATH) with a 15% rally in 7 days to hit $864. This growth trend reflects increased interest and engagement from institutional investors.
Based on insight gathered from CoinMarketCap data, BNB has recorded some fluctuations since reaching the $864 ATH. Precisely, the coin is trading at $859.06, corresponding with a 1.18% spike in the last 24 hours. Its other key performance metrics look promising as well.
BNB market cap is pegged at $119.58 billion, while its 24-hour trading volume has jumped by 3.5% to $3.33 billion. Overall, the ecosystem is surrounded by a bullish momentum and growing institutional demand. This suggests that investors are becoming more confident about the digital asset landscape.
Binance Coin Price Chart | Source: TradingView
With the current outlook, the BNB price is trading well above its 50-day Moving Average, with its 62 RSI showing the coin is not overbought yet.
In terms of BNB, investors are beginning to pour massive funds into the sector and incorporate the coin into their corporate treasuries. Generally, it reflects renewed interest from these high-profile investors and may eventually translate into more price gain for BNB.
Recently, Nasdaq-listed CEA Industries (BNC) purchased 200,000 Binance Coins worth $160 million. This action made it the largest BNB Treasury firm in history. The firm plans to do more, as this is just the first of the $500 million in planned investments into the digital coin. 10x Capital is in partnership with CZ-backed YZi Labs to lead this initiative to help CEA build its own BNB reserves.
With more BNB treasury reserves, the price of the coin could hit more gains. Analyst HashGlobal, via crypto influencer Crypto Patel, recently predicted that the BNB price will hit $2,000 before the end of this year. He highlighted strong technical analysis that highlighted key breakout levels for the digital asset to support the prediction.
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Current Presale Stats:
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
