Altcoin News

Binance Celebrates As BNB Price Soars Past $700 With ATH, Here’s Why

Binance lauded the recent surge in BNB price as the crypto exchange's native token attained a new all-time high by surpassing the $700 mark today.
Published by
Binance Celebrates As BNB Price Soars Past $700 With ATH, Here’s Why

Highlights

  • The Binance Coin price soared over 12% in today's session.
  • The BNB crypto registered an all-time high of $712 amid the rally.
  • Furthermore, Binance hailed the recent achievement and spread optimism via an X post.

The Binance Coin (BNB) price has surged past the $700 mark, reaching an all-time high. This milestone comes amid a flurry of on-chain activity and growing network usage. Moreover, Binance, the popular crypto exchange that backs BNB, has expressed optimism toward the achievement.

Advertisement

Why Is Binance Coin Price Surging?

According to data from BscScan a significant uptick has been noted in BEP-20 token transfers. This involves an increase from 6.62 million on May 19 to 10.29 million by June 3. Moreover, the 56% surge in daily token transfers suggests a robust demand for the BNB network, highlighting its expanding utility and adoption.

The increase in daily token transfers is a clear indicator of the network’s growing traction. Hence, such a spike typically signifies heightened user engagement and transaction volumes, bolstering the bullish sentiment surrounding BNB. Additionally, the BscScan BNB Smart Chain Unique Addresses chart underscores this growth.

The metric, which counts each active address only once per day, has shown a consistent average increase of 150,000 unique addresses daily. Furthermore, this steady rise points to more users and new capital flowing into the BNB Smart Chain, further supporting the positive outlook.

However, despite these bullish signals, technical analysis suggested caution earlier. Should BNB break the upward trendline of its current triangle pattern and close below $500, the market sentiment could shift to bearish. This potential shift could trigger a 9% decline, targeting the 50% Fibonacci retracement support level at $454.

On the contrary, the recent surge beyond $700 slashes the chances such bearish trend in the short-term. If the BNB price sustains above $700, a crash can be averted. Moreover, further rally could be witnessed owing to the soaring influx into the BNB chain.

Also Read: Best BNB Coins To Invest In 2024

Advertisement

BNB Price Soars Past $700

The BNB price failed to above $700 in today’s trading session, however, the daily gains exceeded 11%. At the time of writing, the Binance Coin price rallied 11.37% to $697.26 on Wednesday, June 5. Whilst, the prominent crypto exchange’s crypto boasted a market capitalization of $102.91 billion.

Furthermore, the 24-hour trading volume for BNB skyrocketed 85.53% to $4.35 billion. In addition, the BNB price attained a fresh all-time high of $712.59 amid the recent rally. Thereafter, Binance celebrated this milestone on X.

In a post on X, the exchange wrote, “BNB reached over $700, hitting a new ATH!” Additionally, Binance Africa also hailed the latest achievement as a “historic” one.

Also Read: Binance Coin (BNB) Price Hits All-Time High: What’s Happening?

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple

Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…

October 23, 2025
  • News

How the Crypto Market Could React to the Next Fed Meeting on October 29?

The crypto market has, for a while now, been pricing a potential 25 basis points…

October 23, 2025
  • News

$1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP

Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…

October 22, 2025
  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025