BNB News: BNB price reaches an all-time high at $880, why is the price of BNB increasing today?🤑
BNB (Binance Coin) has increased by 4.48% in the last 24 hours to reach $873.31, achieving a new all-time high (ATH) and outperforming the broader cryptocurrency market, which gained 1.8%. Analysts highlight institutional purchases, technical momentum, and strong ecosystem growth as key drivers of the rise. #BNB
Institutional demand drives the price increase of BNB🤑
On August 18, Nasdaq-listed BNB Network Company (BNC) announced a purchase of $160 million in BNB, bringing its total holdings to 325,000 tokens worth $283 million. This acquisition makes BNC the largest corporate cash holder of publicly traded BNB.🤑
The purchase follows the allocation of $60 million in BNB from Windtree Therapeutics in July, signaling growing institutional confidence. Data shows that the share of BNB held on exchanges has dropped to 22.6%, down from 28.4% in July, reducing supply and supporting upward pressure on prices. Market attention is now turning to the upcoming tranche of $500 million planned for BNC.🤑
Technical breakout beyond resistance levels🤑
BNB broke the resistance level of $869 on August 19, supported by its 7-day simple moving average at $840.57 and a bullish moving average convergence divergence (MACD) signal. However, the relative strength index (RSI-14) is at 56.93, suggesting moderately overbought conditions.🤑
The “Maxwell” upgrade, implemented on June 30, reduced block times to 0.75 seconds, promoting increased developer adoption. Since then, the total value locked (TVL) of BNB Chain has surged by 20% to reach $12.1 billion. Analysts expect upcoming resistance at $905.75, the 127.2% Fibonacci extension level.🤑
Ecosystem growth accelerates with the BNB hackathon🤑
The ongoing #BNBHack competition has attracted over 180 project submissions in areas such as artificial intelligence (AI) and decentralized physical infrastructure networks (DePIN). Challenges sponsored by NetMindAI and AITECHio have helped stimulate activity, with BNB Chain processing 13.95 million transactions on August 19, up 14% from the previous week.🤑
Industry observers note that sustained developer engagement enhances the network effect of BNB Chain and strengthens long-term demand for BNB as the native gas token.🤑
Can BNB break $900 next?🤑
The record price of BNB reflects the combined impact of institutional accumulation, bullish technical signals, and ecosystem expansion. Although traders warn of short-term volatility due to overbought indicators, many are closely watching to see if BNB can break the resistance at $905 and maintain its momentum above $900.🤑
