Binance Coin Hits Record High Amid $20 Billion Market Wipeout

Binance Coin (BNB) hit a new record high, reaching $1,370. This occurred despite a broader crypto market downturn that saw a $20 billion wipeout linked to leveraged positions. BNB distinguished itself by achieving a 10% gain over the week.

BNB's Price Movements

BNB rose to $860 in July, dropped to $728, then climbed to $1,075 before settling back to $930.
During a market sell-off, it fell to $855 but recovered to an all-time high of $1,375, later stabilizing around $1,272.
Traders notice cycles of sharp gains followed by controlled declines, indicating a possible ongoing bull run.

Market Reactions

Analysts describe the recent price pattern as parabolic, with quick recoveries attracting buyers.
Some suggest a "Binance supercycle," though this remains speculative.
Opinions vary: some attribute the rally to genuine demand; others suspect concentrated buying or internal factors.

Speculation and Skepticism

Active product launches and community interest on BNB Chain are cited as possible drivers.
Others believe promotional efforts and market attention may be inflating prices without broad support.

CZ's Perspective

Changpeng Zhao, founder of Binance, claims BNB's design, community, and deflationary attributes bolster its price. He notes that fear around BNB sometimes prompts additional buying.