BNB price jumped to a fresh record high on Friday, gaining more than 6% to hit a new all-time high near $900, as prices rose across major crypto exchanges in reaction to cryptocurrencies’ rally on Jerome Powell’s dovish remarks.
Summary
- BNB price spiked to a new all-time high near $900 on Friday, Aug. 22.
- The Binance token’s gains came amid broader crypto rally after Federal Reserve chair Jerome Powell’s speech.
The crypto market’s bullish flip following comments by U.S. Federal Reserve chair Jerome Powell saw Binance Coin (BNB) jump to a new peak of $897, cementing the Binance coin’s status as one of the best performing top altcoins of this cycle.
With price staying above a robust demand reload zone despite crypto’s recent downswing, BNB took advantage of the broader market’s reaction to Powell’s remarks to pop to a new all-time high.
BNB price extends gains
The surge to above $890 sees BNB extend its gains to over 16% in the past month. Even with the altcoin market’s dip this week, BNB price remains nearly 10% up over the period.
Boosting BNB in recent weeks has been a wave of corporate treasury moves, and the latest is by the Hong Kong public company China Renaissance. The company announced a $100 million BNB buy, joining the likes of Windtree, BNC, and CEA Industries in unveiling BNB treasury strategies.
Daily volume is down – what does it mean?
A bullish structure thus has bulls eyeing a new leg up, which analysts say is the psychological $1,000 mark and higher. Notably, BNB is up, but daily volume is down by about 19% to $1.9 billion.
In the market, a spike in an asset’s price amid a decrease in trading volume can signal a dip in interest from market participants. Mainly, it suggests there is a potential weakening of resolve and that the uptrend could be at risk of exhaustion.
With BNB price hovering at elevated levels for most of the month, the price spike and dip in volume could signal this outlook. Profit-taking may ensue with price approaching or extending past the $1,000 mark.
According to data from Coinglass, derivatives volume has dipped by 22% to about $2.3 billion. However, BNB’s spike saw most of the 24-hour liquidations hit shorts, and open interest remained up 8% at over $1.65 billion.
