The value of BNB, the cryptocurrency of the BNB chain closely linked to Binance, hit an all-time high of $1,111.90 this morning. This remarkable surge is part of a broader cryptocurrency market recovery, raising the question of whether BNB can sustain its momentum.
Over the past 24 hours, BNB has surged by 5%, bringing its weekly gain to 15%. According to analyst Dominick John from Kronos Research, this rally is partly due to appetite from institutional players, such as Treasury departments, which continue to purchase BNB. Additionally, Binance regularly conducts “token burns,” reducing the total supply and creating scarcity likely to support price appreciation.
But it’s not just the price that’s soaring. The usage indicators for the BNB Chain are also in the green, with a 2.5% increase in Total Value Locked (TVL) over 24 hours, reaching $8.23 billion. The number of active addresses also broke records in September, exceeding 73 million, and transaction volume hit 4.34 million, the second-highest level in its history.
This new record high comes as BNB Chain experiences significant developments. Last week, the minimum fee threshold was lowered, allowing for faster and less expensive transactions. The medium-term outlook is even more ambitious, with a target of 20,000 transactions per second by 2026, accompanied by privacy features and more user-friendly tools.
In the context of a broader recovery in the cryptocurrency market, BNB displays impressive growth momentum, both in terms of price and usage indicators. With its ambitious development plan, BNB Chain seems destined for a bright future.
For savvy investors, this might be the ideal moment to position themselves with this rapidly ascending token and participate in the exciting evolution of the crypto ecosystem. Some are even wondering if this altcoin could surpass Ethereum (ETH) in the long term.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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