BNB Reaches New All-Time High at $857 – Here’s What is Driving the Rally! 

BNB ascended strongly over the weekend reaching a new all-time high (ATH) above $830. Today, the coin has ascended yet again, reaching above $850 for the first time in its history. This strong rally follows a previous correction from a surge above $800 last week. 

The BNB rally is now fueled by strong conviction among investors as depicted by strong on-chain metrics. The Binance ecosystem is also growing immensely, further lending support to BNB’s price rally. 

BNB’s Rally to an All-Time High at $857

The weekend has seen BNB reach two consecutive all-time highs. In one instance, the coin rallied above $830 on Sunday July 27. But the Binance coin did not stop there as it has surged to a new ATH at $857.45 today, according to data by TradingView. 

The coin is also ranking among the top trending coins as per CoinMarketCap’s (CMC) trending coins list. Data by CMC also shows that BNB has experienced a surge in trading volume over the last 24 hours. As of this writing, the trading volume stands at $3.58 billion, marking a 88.06% surge. 

Additionally, the coin’s market cap has surged in tandem with the price and now sits at $119.18 billion. According to a post by Whale Insider, BNB has now overtaken Nike which has a market capitalization of $112.64 Billion, per data by Companies Market Cap. 

BNB Network Growth Fuels Price Rally

The BNB ecosystem has experienced significant growth over the last weeks. On July 23, Binance founder and former CEO Changpeng Zhao even hailed the strong community and builder support for the ecosystem. 

“Appreciations to all the ecosystem players, BTC maxis, ETH holders, meme traders, ETF applicants,  treasury pub cos, good regulators, and utility builders,” CZ wrote. 

Data by Nansen, an onchain analytics platform, points to this growth. For instance, the data shows that the chain has recorded a total of 440 million plus transactions in July alone. Over the last 24 hours, the number of transactions recorded is 10.86 million, marking a 7.39% surge. 

On the other hand, the chain is boasting up to 2.5 million daily active addresses. This marks a 10.49% surge in the number of daily active addresses. 

Open Interest Tops $1.2 B Signaling Trader Conviction

BNB’s Open Interest (OI) has been surging recently. Normally, the OI metric measures the total number of outstanding or unsettled derivative contracts, like futures or options, that are currently held by market participants. 

According to data by Coinglass, the coin’s Futures Open Interest currently sits at $1.2 billion after rising steadily in July. Binance coin’s OI has risen from $740 million recorded on July 1. 

The rise in BNB’s Open Interest generally indicates that new money is entering the market for a specific futures contract. This suggests that there is an increase in trading activity and stronger conviction in the prevailing price trend. 

What Next for BNB? 

Crypto analyst BitBull believes that BNB has the potential to even go higher after the recent rally to a new ATH. In a post on X, the analyst predicted that the coin could even reach $1,000 in the fourth quarter (Q4) of the year or even $1,800 – $2,000 by the end of the cycle. 

“…companies are buying BNB for their Treasury. All this demand is certainly going to push BNB above $1K by Q4 and possibly $1.8K-$2K by cycle top,” BitBull predicted. 

His prediction also coincides with BNB’s surge past a key resistance level. The coin broke above a 2-year resistance earlier last and is now holding strong above it. At the moment, the analyst believes that the coin is now in expansion phase, a period associated with significant growth in price. 

However, whether BNB reaches $1K or not, will depend on various factors including the sentiment across the general crypto market. But for now, the coin is on a bullish rally and could go even higher than the current all-time high price.