BNB News: The price of BNB reaches an all-time high of $880, why is the price of BNB rising today?
BNB (Binance Coin) rose 4.48% in the last 24 hours to $873.31, reaching a new all-time high (ATH) and outperforming the broader cryptocurrency market, which gained 1.8%. Analysts point to institutional buying, technical momentum, and strong ecosystem growth as the main drivers of the rally.
Institutional demand drives the price increase of BNB
On August 18, the BNB Network Company (BNC), listed on Nasdaq, announced a purchase of $160 million in BNB, increasing its total holdings to 325,000 tokens valued at $283 million. This acquisition makes BNC the largest publicly traded corporate treasury holder of BNB.
The purchase follows the allocation of $60 million in BNB by Windtree Therapeutics in July, signaling growing institutional confidence. Data shows that the proportion of BNB held on exchanges has fallen to 22.6%, down from 28.4% in July, tightening supply and supporting upward price pressure. Market attention is now directed to the next scheduled tranche of $500 million from BNC.
Technical breakout beyond resistance levels
BNB surpassed 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) stands at 56.93, suggesting moderate overbought conditions.
The “Maxwell” update, implemented on June 30, reduced block times to 0.75 seconds, driving greater adoption by developers. Since then, the total value locked (TVL) of BNB Chain has increased by 20% to $12.1 billion. Analysts expect the next 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 boost activity, with BNB Chain processing 13.95 million transactions on August 19, a 14% week-over-week increase.
Industry observers note that sustained developer commitment enhances the network effect of BNB Chain and strengthens long-term demand for BNB as its 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. While traders warn of short-term volatility due to overbought indicators, many are closely watching to see if BNB can break the $905 resistance and maintain momentum above $900.
