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.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Discover more from Stay Updated Finance News
Subscribe to get the latest posts sent to your email.
