#BNBATH880
BNB News: BNB price reaches an all-time high of $880, why did BNB price rise today?🤑
BNB (Binance Coin) has increased by 4.48% in the last 24 hours to $873.31, hitting an all-time high (ATH) and outperforming the broader cryptocurrency market, which has risen by 1.8%.
Analysts highlight institutional 🤑buying, technical momentum, and rapid ecosystem growth as the main drivers of this rise.
#BNB Institutional demand drives BNB price increase🤑
On August 18, BNB Network Company (BNC), listed on Nasdaq, 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 public company cash holder in BNB.🤑
This purchase follows a $60 million allocation in BNB from Windtree Therapeutics in July, signaling increased institutional confidence.
Data shows that the proportion of BNB held on exchanges has dropped to 22.6%, compared to 28.4% in July, reducing supply and supporting upward pressure on prices.
Market attention now shifts to the next tranche of $500 million planned for BNC.🤑
Technical breakout above resistance level🤑
BNB surpassed the resistance level of $869 on August 19, supported by a 7-day simple moving average at $840.57 and bullish moving average convergence divergence (MACD) signals.
However, the relative strength index (RSI-14) stands at 56.93, indicating moderately overbought conditions.🤑
The “Maxwell” update, implemented on June 30, has reduced block time to 0.75 seconds, driving increased adoption by developers.
Since then, the total value locked (TVL) in BNB Chain has increased by 20% to $12.1 billion.
Analysts estimate the next resistance at $905.75, the Fibonacci extension level at 127.2%.🤑
