Binance Coin (BNB) surged to a new all-time high (ATH) near $900 on Friday, gaining more than 6% in a single day. The move came as crypto markets rallied after Federal Reserve chair Jerome Powell signaled a softer policy outlook in his recent speech.
BNB Surges Amid Market-Wide Rally
BNB climbed to $897 on August 22, securing its place as one of the best-performing top altcoins this cycle. The price jump followed a strong rebound across major exchanges. Investors responded to Powell’s dovish tone, which boosted confidence across Bitcoin, Ethereum, and other altcoins. BNB has now gained more than 16% over the past month, despite volatility across the wider market. Even after dips earlier this week, the token is still nearly 10% higher compared to 30 days ago.
Corporate Demand Boosts BNB
One of the forces behind BNB’s recent strength has been corporate treasury buys.
The most recent came from China Renaissance, a Hong Kong-listed company that revealed a $100 million BNB purchase. Other firms including Windtree, BNC, and CEA Industries have also added BNB to their holdings, further fueling bullish sentiment.
Price Up, Volume Down
While BNB price spiked, trading volume dropped 19% to about $1.9 billion. Analysts warn that when prices rise while volume falls, it may show a decline in trader interest. This pattern can suggest that the rally could slow or reverse as momentum weakens.
Still, many traders are watching the $1,000 psychological level as the next target. Breaking that line could open the door for higher gains, though profit-taking could also follow.
Derivatives Market Signals
Data from Coinglass shows BNB’s derivatives volume slipped by 22% to about $2.3 billion. Despite this, most liquidations over the past 24 hours hit short positions, while open interest rose 8% to over $1.65 billion. That combination points to ongoing confidence among bulls, even as daily activity cools.
