Bullish! BNB Hits New ATH Above $1,200

Binance Coin (BNB), the native token of the BNB Chain and the centralized crypto exchange Binance, has hit a new all-time high (ATH). According to on-chain data from the price-tracking website CoinMarketCap, it surged to a landmark price of $1,220 on Monday, October 6.

BNB Over $1,200

Notably, BNB’s surge to a new all-time high occurred in October, a month the crypto community has renamed “Uptober,” as it has built a record over the years as the month with the most crypto uptrends.

Within the past month, the coin has been on the bullish side, moving from $845. Initially, it surged to $950 on September 16; two days later, it surpassed the $ 1,000 mark before a slight price correction as investors secured profits. However, the correction did not last for long, as bulls entered the market, pushing BNB up by over 44% in 30 days to its latest high. 

Following the surge in value, BNB’s market capitalization has surpassed $169 billion, cementing its position as the world’s fifth-largest cryptocurrency. Notably, it is just about $7 billion away from surpassing USDT to sit in the fourth position. Meanwhile, Solana (SOL) trails closely behind BNB, occupying the sixth position with a $127 billion market cap, following an over 12% surge within the past seven days. 

Institutional Investors Turn to BNB

One of the factors driving the BNB pump is the increased activity with the crypto from individual and institutional investors. As a result, BNB has recorded a massive 12% increase in its 24-hour trading volume, reaching $4.35 billion. According to CoinMarketCap, most of this trading activity came from centralized exchanges, which recorded $4.3 billion, leaving traders on decentralized platforms with minimal flows.

A major mover towards establishing a BNB reserve is Chinese-based Nano Labs. While many institutions have prioritized bitcoin (BTC), Ether (ETH), and SOL for their treasuries, Nano Labs is aiming to spend $1 billion on establishing a BNB reserve. It has made periodic strategic BNB purchases to boost its treasury and sits on massive unrealized profits as BNB hits a new all-time high. 

Meanwhile, in a recent move, Kazakhstan has launched Alem Crypto Fund, its crypto acquisition vehicle. Following the launch, the Alem Crypto Fund has partnered with Binance Kazakhstan and acquired BNB as its first investment asset.  

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