- BNB recorded a new all-time high past Monday midnight as its price rose to $855.
- A technical trend hints that the token’s sustained momentum could propel it to $1,000.
- Corporate adoption of the digital asset is fueling optimism within the crypto community.
BNB price blew to a new all-time high of $855 on several exchanges today following a cooldown in the past few days. The event brought the market cap of its over 139 million circulating supply to $119 billion at around 3:00 AM on Monday (UTC), allowing it to lock the fifth spot in the cryptocurrency rankings in terms of overall valuation.
Trading volume for BNB also peaked by over 75% during the occasion, as around $3.25 billion worth of its assets moved across wallet addresses and exchanges. Meanwhile, the pump led to the liquidation of more than $3.72 million short positions in the token against only $53.62K rekt longs based on Coinglass data at 5:00 AM today.
A $1,000 Price Rally for BNB
CryptoJoe, an active trader on the CoinMarketCap community forum, forecasted the rally a few hours earlier as BNB pressed on the resistance line of a multi-year channel. He believes a clean breakout from that level would position it at $1,000.
The numbers represent a 16% increase from BNB’s current all-time high. In this case, it would add roughly $20 billion to its market cap.
Alongside these developments, BNB’s open interest spiked to over $1.62 billion. The figures indicate investor and trader optimism for the digital asset.
Amid the latest developments, BNB’s buying trend has shown signs of overheating. For nearly two weeks, the asset has been treading within the overbought levels at over 70 in the 14-day Relative Strength Index (RSI), with today’s score hovering at 86. This could temporarily cause a pullback in its value if buying pressure reaches saturation.
Adoption Fueling Growth
BNB is a versatile token with diverse use cases. Its primary utility lies within the Binance ecosystem, where it is used for transaction fees, smart contract execution, staking, trading discounts, non-fungible tokens (NFTs), decentralized finance (DeFi) activities, interaction with decentralized applications (dApps), and participation in token sales, among others. Holders can also utilize the asset to pay for goods and services across e-commerce platforms that support Binance Pay.
Recognizing its value as a utility token, Windtree Therapeutics, a Nasdaq-listed entity, announced that it would allocate a significant chunk of its treasury for BNB accumulation. Mirroring the Bitcoin (BTC) corporate strategy of Strategy (formerly MicroStrategy), it plans to hedge part of its treasury using the digital asset.
If stockholders approve Windtree’s proposal, the company will be able to establish an equity line of credit to fund its BNB venture. The initial line is earmarked for raising $500 million, with the goal of raising up to $700 million.
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