BNB hits record high above $1,280 as blockchain activity surges
|BNB, the native token of the BNB Chain and widely used for transaction fee discounts on Binance, jumped more than 5% over the last 24-hour period, crossing the $1,280 mark to hit a new all-time high.
The rally comes as traders digested signs of increased demand from institutions and surging activity on the underlying blockchain, driven in part by the newly launched decentralized exchange Aster.
BNB Chain reported a record 58 million monthly active addresses, overtaking Solana’s 38,3 million according to data from TokenTerminal. The growth reflects rising usage that’s closely linked to Aster, which saw its total value locked jump over 500% to $2.4 billion, according to DeFiLlama.
The price move also coincides with the announcement of a partnership between BNB Chain and Chainlink to bring official U.S. economic data on-chain.
During the peak of the rally, trading volumes exceeded the 24-hour average for a single session. That level of activity suggests there’s broader strength behind the rally.
BNB’s recent move builds on broader optimism across crypto markets, though the cryptocurrency has been outperforming the wider market as measured by the CoinDesk 20 (CD20) index, which is up just 0.3% in the last 24 hours.
The wider market has been rallying amid a U.S. government shutdown that has left the Federal Reserve with data delays. As a result, traders are now betting that the Fed will cut rates by 25 bps this month, further benefitting risk assets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.