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BNB Hits New All-Time High Following Recent Rally
- Binance Coin has burst past the US $700 milestone to record a new all-time high.
- The token is at its highest price point in nearly three years, after its previous ATH was set in late 2021.
- Positive investor sentiment is largely behind BNB’s bull run, with the coin experiencing massive trading volume amid heightened ecosystem activity.
Binance Coin (BNB) has burst out the blocks to start June, exploding in value after a frantic week of trading. The native token of the world’s most popular centralised exchange, Binance, momentarily broke the US $700 (AU $1,048) barrier for the first time in its existence. This set a new all-time high for Binance Coin, the first time it had landed such a milestone in nearly three years.
So what’s behind BNB’s resurgence after such a long time in the dark?
Related: Trader Says Rapid, Vertical Growth Could Be Coming to Dogecoin (DOGE) Amid ‘Meme Super Cycle’
Record Levels of Trading Volume Demonstrate Investor Shift
In honesty, there’s no singular catalyst for Binance Coin’s explosion in the past week. Rather, it is the culmination of activity, hype and fundamental value that has snowballed into a record-breaking week.
The Binance Exchange platform was already renowned as the biggest centralised trading hub in the world. But its associated incubation service, Binance Launchpool, was home to the Notcoin token launch – which resulted in new and existing investors flocking to the platform.
On top of this, the Binance Smart Chain is one of the most powerful and successful DeFi ecosystems in the Web3 world. It is the hub for several high-volume dApps, such as PancakeSwap and Jupiter Exchange.
However, ultimately, Binance Coin’s week to remember can be boiled down to immensely positive investor sentiment. The coin recorded a whopping US $3.5b (AU $5.24b) in trading volume – the most since early 2022.
Binance is a name that has become deeply associated with crypto despite being in the sector for less than a decade. And if the past seven days of trading has proved anything, it’s that the Binance brand isn’t going away anytime soon.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
