- BNB extends its recent gains as it rallies to a price of $1,005.29 per token, representing a new all-time high for Binance’s cryptocurrency.
- Bullish market sentiment from Binance’s key collaborations, BNB’s adoption in digital asset treasuries (DAT), macro sentiment, and technical trends all reinforced the token’s momentum.
BNB Price Performance
BNB just logged a new historical peak this Thursday morning at $1005.29 as its trading volume continued to gain steam. In the last 24 hours, the market traded around $4.17 billion worth of the crypto asset, translating to a 24% increase in its trading volume across the timeframe.
Meanwhile, the latest developments elevated the market cap of BNB’s 139.18 million token supply to $139.92 billion. The digital asset notably experienced over 97% price action in a year, from a $509.84 low to a new record high.
Reasons for the Rally
BNB resumed its pump following major updates within its ecosystem. One of its latest accomplishments that could potentially serve as a game-changer not only in its realm but also on the broader crypto industry was Binance’s new partnership with Franklin Templeton, one of the world’s largest investment managers with $1.6 trillion assets under management (AUM). Another was the token’s growing role in the DAT landscape, as B Strategy, with the backing of Yzi Labs (formerly Binance Labs), recently unveiled its plan to raise $1 billion for the acquisition of BNB for a US-listed vehicle.
On the macro, BNB benefited from the US Federal Reserve’s much-anticipated interest rate cut on Wednesday. The central bank slashed the numbers by a quarter-percentage point from the 4.25%-4.50% rate in December last year to 4.00%-4.25%, which sparked investments in risk assets like crypto, as cash and lower-yield debt instruments lost their appeal to investors.
Analysts believe the Fed’s decision was a sign of Chairman Jerome Powell caving in to President Donald Trump’s constant pressure for a cut. However, the central bank head clarified in an ensuing speech that the measure was more of a “risk management cut” amid the soaring inflation and unemployment data in August.
From a technical perspective, BNB clearing the Fibonacci resistance at $952.11, reinforced by a bullish Moving Average Convergence Divergence (MACD), suggests a possible continuation of its current rally despite the 14-day Relative Strength Index (RSI) warning of a short-term pullback at the 77-point overbought reading.
Disclaimer: The facts compiled within this article are only for informational purposes. They do not serve as financial advice or product recommendations from the author or the Blockzeit team. Readers should not base their trades or investment decisions solely on this limited data.
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