Binance hailed the recent spike in BNB price, as the crypto exchange’s native token surpassed the $700 mark today.
The Binance Coin (BNB) price has reached an all-time high by surging past the $700 mark.
The occurrence of this milestone coincides with an increase in network usage and a surge in on-chain activity.
Moreover, Binance, the prominent cryptocurrency exchange that endorses BNB, has expressed confidence in its success.
Why Is Binance Coin Price Surging?
Data from BscScan indicates that there has been a substantial increase in the transmission of BEP-20 tokens.
This entails a rise from 6.62 million on May 19 to 10.29 million by June 3.
Additionally, the BNB network’s expanding utility and adoption are indicated by the 56% increase in daily token transfers, which indicates a robust demand.
The network’s increasing traction is evident in the increase in daily token transfers.
Therefore, such a surge generally indicates increased user engagement and transaction volumes, which reinforces the optimistic stance toward BNB.
Furthermore, this expansion is evident in the BscScan BNB Smart Chain Unique Addresses chart.
The average daily increase of 150,000 unique addresses has been consistent. This metric includes each active address only once per day.
Additionally, this consistent increase suggests that the BNB Smart Chain is receiving an increasing number of users and new capital, which further bolsters the optimistic outlook.
However, technical analysis had previously suggested caution, despite these bullish signals.
The market sentiment could transition to bearish if BNB breaches the upward trendline of its current triangle pattern and closes below $500.
This prospective change might result in a 9% drop, with a target of $454 as the 50% Fibonacci retracement support level.
Conversely, the recent increase beyond $700 has diminished the likelihood of such an adverse trend in the short term.
If the BNB price remains above $700, it is possible to prevent a collapse.
Additionally, the rapidly increasing influx into the BNB chain may result in a further rally.
BNB Price Surges Past $700
The BNB price failed to rise above $700 in today’s trading session, however, the daily gains exceeded 11%.
On Wednesday, June 5, the Binance Coin price increased by 11.37% to $697.26 at the time of this writing.
While the prominent crypto exchange’s cryptocurrency had a market capitalization of $102.91 billion.
Additionally, the 24-hour trading volume for BNB increased by 85.53% to $4.35 billion.
Furthermore, the BNB price reached a new all-time high of $712.59 during the most recent rally.
Subsequently, Binance commemorated this achievement on X.
The exchange announced in a post on X that “BNB reached over $700, hitting a new ATH!”
Furthermore, Binance Africa lauded the most recent achievement as a “historic” one.