BNB price soared to a new all-time high, becoming one of the top-performing digital assets over the last 24 hours. The asset powering the Binance Smart Chain, the largest centralized exchange by volume, reached $858 per token before succumbing to wider market pressure. At the time of writing, BNB exchanged hands at $802, a slight correction from daily highs.
The surge in the asset’s price marked its highest point since its launch in 2017. Although BNB traded sideways for most of the year, analysts projected sustained growth, leveraging the Binance exchange’s expansion into new jurisdictions. The stock soared 7% before reaching an all-time high to cap off an impressive July that saw it gain over 30%.
The asset temporarily became the fourth-largest digital asset after the surge before circling back to fifth place. Binance coin continues to buck the wider market based on massive whale activities on the exchange and institutional volumes. Recently, the platform experienced significant inflows as whales shifted to profit-taking, driving down crypto prices.
However, the main bolster for BNB’s sustained rally was crypto treasury firms accumulating more assets. Like Bitcoin, publicly listed firms also ramped up altcoin holdings, citing the need to diversify assets and boost their balance sheet. 10X Capital’s CEA Industries announced an upsized PIPE offering securing up to $1.2 billion.
According to the firm, the proceeds will be used to acquire BNB to become the largest publicly traded BNB treasury firm in the United States. Additionally, the company received support from YZi Labs, among other institutional firms.
“This milestone marks a significant evolution from 10X Capital & YZi Labs’ initial announcement in early July, officially bringing $BNB, a top-four digital asset token with over $100 Billion in market capitalization into U.S. public markets at institutional scale through a dedicated treasury vehicle.”
In the same direction, Nano Labs disclosed that it has recently purchased 8,000 BNB and now holds 128,000 BNB, bought at an average price of $713 per asset. At market price, these assets are valued at $105.8 million. This underscores the growing trend towards BNB and other altcoins. Recently, some commentators compared BNB and ETH reserves, signaling a positive outlook but ultimately backing the latter based on wider adoption. Ethereum remains the largest altcoin, fueled by the rise of DeFi in its ecosystem.
