On July 28, the price of BNB reached a new all-time high above $850. As of July 29, the cryptocurrency ranked 188th in the global company rankings according to 8marketcap.
BNB surpassed SoftBank, Strategy, and Interactive Brokers in total market capitalization and nearly caught up with Nike. According to CoinMarketCap, the coin appreciated by 9% over the week and secured a spot in the top 5 by market cap.
According to a recent report from Binance Research, one of the factors behind the growth was institutional interest. Investments in BNB were announced:
Nano Labs - acquired 128,000 BNB, increasing reserves to $108 million at an asset price of $850;
Windtree Therapeutics - signed a $60 million agreement to form reserves in the token;
Liminatus - plans to invest up to $500 million in BNB.
In early July, the government of Bhutan, together with the local digital bank DK Bank, launched the Binance Pay service for tourists. Users can pay for airline tickets, hotels, tours, and street food using Bitcoin, BNB, and other assets.
Experts from Binance Research also pointed to interest in BNB in the spot market. The value of the asset is supported by its wide application in centralized and decentralized services.
