BNB Coin races to new all-time high, moving on from weekend tariff market crash

BNB Coin, the native token of the BNB Chain, hit a new all-time high on Monday of $1,357.88, up more than 11% in the last 24 hours. The digital asset has surged by more than 46% in the last 30 days and 135% in the last 12 months.

BNB continues to gain momentum amid the recent broader market liquidation on October 11 that wiped out nearly $19 billion from digital assets in 24 hours. Binance Coin’s upward momentum has been building this year, driven by stronger trading activity and a more optimistic Binance ecosystem.

BNB Coin recovers last week’s losses

Binance Coin retraced from last week’s all-time high of $1,349 on October 7, after dropping to a daily low of $860 that day, before rebounding to $1,350 at the time of publication. The digital asset recovered most of its losses during the weekend and is currently rallying toward the $1,400 psychological level.

On-chain data revealed that BNB’s trading volume in the last 24 hours surged by more than 77% to $11.99 billion. The digital asset’s market capitalization also increased by over 16.21% at the time of publication to $188.36 billion.

BNB Coin has also set new all-time highs in three consecutive weeks, adding to its upward momentum. The digital asset benefits from Binance, the world’s largest crypto exchange and second-largest DeFi ecosystem, which has multiple demand catalysts, including trading fee discounts and increased network revenue during heightened volatility.

As BNB Coin breaks new highs and enters uncharted territory, its futures market also shows a decisive shift in investors’ mood. According to the Taker Cumulative Volume Delta (CVD), the metric revealed that as of October 12, buy orders were dominant over the future order books. The metric measures the net difference between market buy (Taker Buy) and market sell (Taker Sell) volumes over a 3-month period. 

The positive and rising 90-day CVD indicates that buyers are in control of the BNB futures market. The data confirms the continuation of BNB Coin’s upward trend and indicates significant buying pressure in BNB futures.

Data from TokenTerminal revealed that BNB Chain reported a record 59 million monthly active addresses. The surge in monthly active addresses indicates increased investor confidence in the digital asset and suggests broader strength behind BNB’s rally.

Binance founder Changpeng Zhao (CZ) noted on Monday that BNB Coin’s robust performance, saying that the token’s rally is driven by genuine market demand without the involvement of market makers. CZ’s remarks signaled continued bullish sentiment among investors.

“Many projects have a market maker. BNB doesn’t. I am not aware of any of my affiliated entities buying or selling BNB in the past days or weeks.”

Changpeng Zhao, Founder of Binance.

CZ maintained that BNB’s strength comes from its builders, community, and deflationary properties. He added that while others tried to hide, ignore, or attack competitors, BNB Chain ecosystem players, such as Binance and Venus, took hundreds of millions out of their own pockets to protect users.

CZ also highlighted BNB’s ecosystem growth, with 30% of its supply now staked amid institutional inflows and the expansion of DeFi.

BNB Coin brings Chainlink’s economic data on-chain

BNB’s rally comes as it integrated the Chainlink data standard earlier last week to bring official U.S. economic data on-chain. Chainlink’s price feeds, which are sourced from the Bureau of Economic Analysis, deliver key government macroeconomic data, including GDP, the PCE Price Index, and Real Final Sales to Private Domestic Purchasers, directly to the BNB Chain.

Chainlink said developers use the data to issue new types of digital assets and predict markets, leveraging transparent macroeconomic inputs. The firm added that developers can use the data for perpetual futures markets benchmarked to official government data.

Chainlink also acknowledged that BNB Chain is enabling its ecosystem to build next-generation on-chain applications supported by U.S. government economic indicators.

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Source: https://www.cryptopolitan.com/bnb-coin-hits-a-new-all-time-high/