BNB Surges Over $1,200 Amid Increased Activity and Institutional Interest
- BNB, the token of BNB Chain, rose over 4% to reach an intraday high of $1,223.
- In September, BNB Chain recorded 52.5 million active addresses, surpassing Solana for the first time since August.
- The total value locked in the Aster Protocol increased by 570% to $2.34 billion due to heightened decentralized trading and lending.
- Electric vehicle maker Jiuzi Holdings and Kazakhstan’s Alem Crypto Fund added BNB to their treasuries amid rising institutional interest.
- The price closed at $1,201.13 after fluctuating between $1,148.12 and $1,223.08 during the session.
The recent rally in BNB is attributed to increased trading volume and renewed institutional engagement as well as expectations of potential Federal Reserve interest rate cuts later this month.
Despite a late-session pullback from highs near $1,215, BNB maintained gains above $1,200, reflecting strong buying support in lower price ranges around $1,148 to $1,158.
