BNB Price Surge: A $1000 Rally on the Horizon?

Amid increasing institutional adoption, Binance Coin is setting its sights high after hitting a new all-time high of $900. As more corporate companies follow MicroStrategy's Bitcoin treasury strategy by adding Binance's crypto to their reserves, the altcoin is gaining bullish momentum, sparking speculations of a BNB price surge.

BNB Price Surge: $900 ATH, $1000 to Follow?

Currently, the Binance Coin is experiencing a major uptrend, aligning with the broader market trends. The global crypto market’s notable hike of 3.78% to hit $3.99 trillion has pushed Binance ’s native token to new highs, resulting in the current BNB price surge.

Earlier today, the token reached a record high of $900, marking a significant rebound from the recent market crash. Though the crypto has slightly dipped after touching its ATH, it is still hovering around the range, signalling its continued rally.

At press time, Binance Coin is valued at $887.999, up 4.27% in a day. Over the past week and month, the altcoin has seen more remarkable jumps of 6% and 16%, respectively. The 24-hour trading volume is also up by 42%, currently at $3.66 billion.

Before the BNB price surge, when the coin traded just below $900, analyst Javon Marks expressed his optimism on the crypto. He offered a bold prediction for the coin, projecting its potential journey to an imminent high of $1,085.7, marking a 21% increase. Similarly, when the cryptocurrency hit $880, experts like Crypto King forecasted its potential rally to the $1000 level.

Institutional Demand Soars

Notably, the latest BNB price surge is a response to the growing demand for the token among investment giants and corporates. Jerome Powell's speech at the Jackson Hole Economic Symposium has also influenced this BNB price surge.

In the latest development, China Renaissance has announced its $100 million investment in the Binance token, envisioning bolstering crypto adoption across the region. Founder Changpeng Zhao revealed this strategic move via his X platform, stating,

China Renaissance, a HK public company, buying $100m USD worth of [cryptocurrency] ...many other long-term strategic partnerships involved. Let's build the ecosystem together!

As Zhao stated, more companies are embracing the token to add it to their reserves. On August 18, Nasdaq-listed BNC bolstered its Binance Coin holdings with a $160 million purchase, bringing its total to 325,000 tokens worth $283 million. This solidifies its position as the largest publicly listed corporate treasury holder of cryptocurrency.

In another significant development, the UAE’s RAKBANK has listed the altcoin. The bank launched digital asset trading on its mobile app, minimizing the gap between traditional banking and cryptocurrencies.