Binance Coin Surges 6% to New High of $1,111
Binance Coin (BNB) has demonstrated impressive performance in October, reaching a peak of $1,111 before stabilizing slightly lower. This rise reflects the token's strength amid macroeconomic challenges like the U.S. government shutdown and monetary policy changes.
Key Highlights
- BNB climbed to $1,111 with a 6% gain in 24 hours and over 17% weekly increase.
- The breakout above $1,050 resistance indicates potential momentum towards $1,200.
- Nearly $400 million in leveraged positions were liquidated, including $268 million in shorts.
Network Growth and Demand Drivers
- Recent BNB Chain upgrades lowered gas fees from 0.1 Gwei to 0.05 Gwei.
- Active addresses reached over 73 million; transaction volumes hit 4.34 million monthly.
- Total Value Locked (TVL) on the chain increased to $8.23 billion.
- Kazakhstan’s Alem Crypto Fund invested in BNB, marking institutional interest.
Future Projections
- BNB's market cap exceeds $160 billion, strengthening its position alongside Bitcoin and Ethereum.
- Technical indicators suggest further gains, pending sustained movement above $1,050.
- Analysts target $1,150–$1,200 if BNB maintains current support levels.
As October progresses, BNB's robust fundamentals and network growth may enhance its market presence, potentially challenging Ethereum's dominance.