Binance Exchange Cryptocurrency [BNB] hit a new all-time high (ATH) on July 29. No, it hasn’t exceeded its 2021 level versus that tether [USDT], but as of July 29, BNB switched to an ATH vs Bitcoin [BTC].
The most surprising thing about this milestone might be how it happened in the current market. Prior to the recent achievement, the highest BNB had reached against BTC was $0.0122. However, the BNB/BTC pair hit $0.0124, setting a fresh high.
BNB/BTC chart
Source: TradingView
Still far away
Despite the BNB/BTC uptrend, the BNB/USDT pair failed to post a significant surge to complement the peak it reached. Despite staying in the green, BNB was still 56.92% off its USDT pair ATH CryptoQuant.
At press time, BNB is trading at $291.12 and is up 3.73% over the past 24 hours. However, recent BNB price action has not been bad. In the past few days it had flooded in price and hit a fresh monthly high of $298.06 (July 29). CoinMarketCap.
Additionally, the weekly increase at the time of writing was 8.81%, suggesting that investors must have made some gains. However, BNB still seems a long way from flipping Bitcoin, ether [EHT], and USDT in market cap even with the ATH. How else could BNB reach this peak?
The CZ “building” effect maybe
Binance CEO Changpeng Zhao (CZ), known for his stance on building in a bear or bull market, reacted to the milestone reached. In response to tweets about how he was feeling, CZ noted that he hardly had the time to monitor the charts. Furthermore, he reiterated that he is mostly talking about Bitcoin and hardly any about BNB.
One of his other answers suggested that Binance may have done some underground work to achieve the feat. Still, CZ maintained that he was focused on building.
No TV, no map, no alarm. We only build.
I only check the price when someone message me, like every few days.
— CZ 🔶 Binance (@cz_binance) July 29, 2022
ask the questions
Data from Santiment specified that the BNB chain had remained solid over the past few days. Aside from the price setting a new 30-day level, the volume has also increased. Between July 28 and press time, BNB volume had increased from 1.46 billion to 2.78 billion.
Source: Santiment
Finally, investors should watch the BNB price action when it sees a significant drop or further rise. Whatever the outcome, CZ and Binance appear to be focused on building rather than chasing a price hike.
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