BNB, the native token of the BNB chain and widely used for transaction fees on Binance, burst more than 5% over the last 24-hour period and crossed the $ 1,280 mark to hit a new one all the time.
The rally comes as dealers digested signs of increased demand from institutions and increasing activity on the underlying blockchain, partly driven by the newly launched decentralized exchange aster.
The BNB chain reported a record 58 million monthly active addresses that overtook Solana’s 38.3 million, according to data from Tokenter minal. Growth reflects increasing use that is closely linked to Aster, which then its total value locked jump over $ 500% to $ 2.4 billion, according to Defillama.
The price movement also coincides with the announcement of a partnership between BNB Chain and Chainlink to bring official US financial data on-chain.
Under the top of the rally, the trading volumes exceeded the 24-hour average for a single session. This level of activity suggests that there is wider strength behind the rally.
BNB’s recent steps are based on wider optimism across crypto markets, although cryptocurrency has surpassed the wider market measured by Coindesk 20 (CD20) index, which is up only 0.3% in the last 24 hours.
The wider market has gathered in the midst of a US government’s shutdown that has left the Federal Reserve with data delays. As a result, the traders are now betting that Fed will reduce the rates by 25 BPS this month, which further benefits risk assets.
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