Binance Coin ($BNB), Binance’s native token, has recently achieved another milestone when it comes to price performance. As per the latest market statistics, $BNB’s price has surged to $827, setting a new all-time high (ATH) level. This development reportedly takes place amid the heightened whale activity. The respective price surge also indicates the sustained bullish momentum around $BNB and the potential for it to reach further heights.
Growing Institutional Adoption Helps $BNB Attain $827 as Exclusive ATH
Over the past few weeks, $BNB has been showing bullish trajectory. As a result of this, $BNB has touched the $827 (up 5.67% today) mark as its latest ATH. The massive ETF inflows have led the overall bullish sentiment across the crypto sector, playing a key role in $BNB’s exclusive surge. In addition to this, the growing institutional interest as well as the increased market activity have also contributed to this remarkable jump. Apart from that, the social media is also flooded with positive speculation concerning the future price movement of $BNB.
Trending Now: BTC.d Bearish Divergence Sparks Capital Shift Toward Altcoins
After briefly touching the new ATH of $827, $BNB has witnessed a slight price decrease. At the moment, $BNB is changing hands at $797.79, signifying a 5.67% climb over the past 24 hours. Additionally, the 7-day performance of the popular crypto token displays a stunning 9.41% upsurge. Moreover, in terms of the monthly price movement, $BNB has recorded a 27.91% increase. At the same time, the market capitalization of Binance Coin has reached $114.91B following a 5.83% rise, while its 24-hour volume stands at $2.5B after a 47.61% spike.
Staggering $118M in Short Liquidations Serves as Catalyst Bringing BNB to New ATH
Simultaneously, the wide-scale short liquidations have also served as a great catalyst backing $BNB’s bull run. Specifically, more than $172M got wiped out of the market within only twenty-four hours in overall liquidations, and shorts accounted for a staggering $118M out of it. This substantially fueled the upside momentum. Hence, according to the market onlookers, a combination of ETF-led liquidity, whale accumulation, and institutional adoption has pushed $BNB to its new ATH at $827.
Read more on FXDailyReport.Com
