Despite a price correction taking place for a host of digital assets, Binance Coin (BNB) is set to reach a new all-time high this month. Indeed, the token issued by the Binance cryptocurrency exchange is closing in on its record high of $686, according to CoinGecko. The asset breached the $600 level on Saturday as it closed in on the mark.
BNB, the third-largest coin by market cap, is up more than 66% over the last 30 days. Additionally, the cryptocurrency has enjoyed a surge of almost 22% over the last week alone. Currently, the asset is trading at $591.88 and is just 16% away from reaching the coveted milestone.
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BNB Nearing All-Time High After March Surge
Over the last several weeks, the digital asset market has been flourishing. Indeed, it has followed Bitcoin’s lead throughout the month. The asset reached a new all-time high in March, surpassing $73,800 on the 14th. Although a plethora of tokens have been corrected in recent days, one cryptocurrency is well on its way to joining the 2024 ATH club.
The Binance coin (BNB) is poised to reach a new all-time high mark this month on top of a notable 30-day rally. Indeed, BNB has been up more than 66% over that time. On Saturday, that asset briefly surpassed $600 and is inching ever closer to the record figure of $686.
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One of the primary reasons behind the massive BNB rally this month is the Binance Smart Chain (BSC) growth. Specifically, Messari reported massive increases in both adoption and daily transactions by over 25% and 24%, respectively. Therefore, BNB was directly affected as the driving force of the BSC ecosystem.
Those network activity benefits have BNB on the doorstep of a landmark moment. Furthermore, Messari notes the BNB token-burning mechanism as another beneficial aspect of the token. Since the mechanism was introduced in 2017, more than 46 million BNB coins have been burned. Additionally, BNB has sported an average deflationary rate of 1.1% over the last year.