BNB price exceeded $804 on the Binance exchange, marking a record in the seven-year history of the asset.
The rally may have been driven by two factors: an influx of institutional capital into ETF products and the recent passage of cryptocurrency regulatory bills in the US House of Representatives.
BNB has overtaken Solana in market capitalization and now holds fifth place in the CoinGecko rankings.
Amid the surge, Binance founder Changpeng Zhao hinted at the possible start of a “FOMO season.” He noted that the Altcoin Season Index from CoinMarketCap was rising, although he emphasized that he was unsure about the index’s accuracy.
At the time of writing, the Altcoin Season Index stands at 44, down from 48 on July 22.
Since reaching its peak, BNB’s price has corrected; at the time of writing, the coin is trading at $792 (a 4% increase over the day), according to CoinGecko.
It is worth noting that BNB Chain developers have announced plans to “create a new generation blockchain” and increase the network’s performance by ten times.
Recent trading data also shows that BNB’s trading volume surged significantly during the rally, reflecting increased demand and interest from both retail and institutional investors. The competition between BNB and Solana has intensified as both networks continue to launch new upgrades and attract more decentralized applications, contributing to their prominence in the crypto ecosystem.
Moreover, technological advancements in BNB Chain aim to enhance scalability and interoperability, potentially outpacing Solana's network in future performance and ecosystem growth, solidifying BNB’s competitive advantage in decentralized finance.
