Binance Coin (BNB), the native token of the Binance ecosystem, skyrocketed to a new all-time high on Friday, crossing $1,108 and reaching an intraday peak of $1,111 before stabilizing. This represents a 6.5% daily gain and nearly 30% growth over the past month, making BNB the top-performing asset among the top 50 cryptocurrencies. The rally pushed BNB's market capitalization to $152 billion, surpassing major companies like Santander and Adobe.
Technical analysis indicates that the surge followed a period of consolidation, with BNB reclaiming support around $1,024 and breaking through the $1,050 resistance level. Momentum traders accelerated buying pressure, and indicators such as moving averages and volume trends support the upward trajectory. Analysts suggest that if bullish sentiment persists, BNB could target $1,200 as the next psychological milestone, though short-term profit-taking may cause temporary pullbacks.
Fundamental drivers include robust growth on the BNB Chain, with increased wallet activity, higher transaction volumes, and expanding adoption of decentralized finance (DeFi) projects. Binance's global expansion, including the launch of a Mastercard in Brazil and high-level meetings in Kazakhstan, has bolstered confidence. Institutional and retail interest is rising, with BNB demonstrating resilience during recent market corrections. The token's role in reducing trading fees and facilitating cross-chain activity reinforces its value.
The broader crypto market benefited, with total capitalization reaching $4.23 trillion, nearing its mid-August peak. Altcoins, including Ether (touching $4,550) and Solana (up 2.7%), showed strength, though the Blockchain Center altseason index remains at 71, just below the 75 threshold for an official altcoin season. Binance DEX token ASTER surged 13% to $1.90, reflecting the positive spillover from BNB's momentum.
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