Big Money Enters BNB, Pushing Crypto To $801 ATH—Details

BNB, the cryptocurrency of BNB Chain, reached a new all-time high of $801, driven by a 5% daily increase and a 13% weekly gain. This surge elevated BNB's market capitalization above $110 billion, making it the fifth-largest cryptocurrency. Trading volume for BNB saw a significant spike, with daily volume increasing by over 40% and derivatives volume rising by 31%. Open interest in BNB futures also jumped by 19%, indicating growing speculation and demand. Bullish momentum around BNB's price action has fueled the uptrend over recent weeks. The relative strength index (RSI) signals overbought conditions, suggesting a potential pullback, but the uptrend remains strong. Nano Labs, a Web3 infrastructure company, invested $90 million in BNB, purchasing 120,000 tokens as a strategic reserve asset. Nano Labs plans to further invest in the BNB ecosystem, boosting investor confidence. However, BNB is now trading above the top Bollinger Band, signaling a possible overextension. The increased volume and institutional buying are contributing to the rally despite overbought signals.