Altcoin BNB sets new ATH at $906 spurring bullish altcoin sentiment.
Binance Coin overtakes BlackRock Trust and Rolls-Royce in terms of total market cap.
Bullish sentiment strengthen for altseason arrival.
Binance Coin has been gaining a lot of attention this Q3. In detail, Binance Smart Chain’s native crypto asset, the BNB token, went on to set a new ATH price at $906, beating its last ATH record at $899 from a few days ago. This move resulted in BNB overtaking BlackRock Trust and Rolls-Royce in terms of total market capitalization. In fact, Binance Coin now sits above them at a rank of 177.
BNB Overtakes BlackRock Trust and Rolls-Royce in Market Cap
The popular altcoin gaining a lot of attention recently is Binance Smart Chain’s native crypto asset, Binance Coin (BNB). In detail, this popular asset went on to set a string of new ATH prices recently, taking it as high as $899, just short of $900. Sixteen hours ago, the price of BNB set a new ATH record at $906.12. Presently, the asset is down by 1.37% from its new ATH price and is trading at $893.37.
According to CoinMarketCap analytics, the price of BNB is currently over 1.47% over the last day. During this time, BNB set its latest ATH price, and while it is slightly lower than the new ATH, it is still trading in a bullish green trajectory. At the moment, BNB is boasting a total market cap of $124,346,006,805.05 and a 24-hour trading volume of $2,890,987,233.52, which is up almost 65% in the last 24 hours.
BNB Sets New ATH at $906
With BNB setting this new ATH price, the value of the asset is up both in terms of its price and its total market cap. This is a monumental occasion for all BNB enthusiasts and holders, as well as for the Binance team, who hope to see the asset hit 4-digit prices this bull cycle. While no institutions are buying BNB like they are ETH and BTC, Binance still stands as a high contender in the crypto market.
Recently, it was revealed that the estimated net worth of Binance Founder, Changpeng ‘CZ’ Zhao, hit $75 billion from holding 64% of the total BNB supply. This is likely why BNB accumulation from other institutions isn’t playing a big part. CZ alone is carrying Binance and will likely never sell, much like Saylor and Strategy’s Bitcoin (BTC) holdings. CZ also went on to predict that a massive accumulation race will lead to a huge supply shock this bull cycle.
https://twitter.com/Crypto_Briefing/status/1965839559259992083
This prediction is playing out for both BTC and ETH since treasuries and institutions have been aggressively accumulating both ETH and BTC. Coming back to BNB, the latest ATH has propeled BNB to overtake Blackrock’s Trust and Rolls-Royce in terms of market capitalization. Perhaps institutions will slowly begin to accumulate BNB like they have been accumulating ETH and BTC soon.
