All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Binance Coin (BNB) has staged a rebound to a new all-time high price of $1,340 after crashing to $1,000 in the broad market liquidation.
- Founder Changpeng Zhao (CZ) has explained that the asset is backed by real demands and genuine builders.
Friday, October 10, emerged as one of the worst days in crypto history as almost $20 billion across all digital assets got wiped out in a liquidation event. Bitcoin (BTC) alone saw $380 billion of its market cap erased in a single day, surpassing the March 2020 record crash and the FTX collapse. As noted in our recent publication, Binance Coin (BNB) also slipped out of the top three largest coins by market cap.
Despite the severity of this crash, BNB showed resilience, bouncing back to a new all-time high price of $1,340. According to CoinMarketCap data, the asset has surged by 14% in the last 24 hours, 8.6% in the last seven days, 42% in the last 30 days, 96% in the last 90 days, and 89% from year-to-date.
Changpeng Zhao Speaks on Binance Coin’s (BNB) Success
Following this massive upsurge, analyst Altcoin Sherpa noted that the asset is outperforming all other altcoins, suggesting that the BSC or BNB ecosystem is the “place to play for now”. Responding to this, Binance founder Changpeng Zhao (CZ) hinted that its strong performance is not a fluke, as it has real market demand.
According to CZ, while many projects are boosted by market makers, Binance is not supported by any. This implies that BNB is backed by a real community, and builders. Above all, BNB is deflationary.
I am not aware of any of my affiliated entities buying or selling #BNB in the past days/weeks.
In a different post, CZ also explained why BNB has become so strong in the market.
Some people ask why BNB is so strong. While others tried to ignore, hide, shift blame, or attack competitors, key BNBChain ecosystem players—Binance, Venus, and more—took hundreds of millions out of their own pockets to protect users. Different value systems.
BNB has recently recorded multiple “wins” including the decision of Kazakhstan to use it in its National Crypto Reserve, as indicated in our recent coverage. It is important to note that Jiuzin Holdings has also allocated $1 billion of its reserves to BTC, Ethereum (ETH), and BNB, according to our recent update. These saw the asset climbing to a record $1000 at that time.
Data shows that the price of BNB could soon reach $1,400 if the momentum continues. Currently, its Relative Strength Index (RSI) is around 65, far above the neutral reading of 50. According to analysts, this suggests that the asset could record further gains until it reaches the overbought territory of 70. Apart from this, the Moving Average Convergence Divergence (MACD) of the asset also showed a bullish crossover on October 12, confirming this bullish reversal.
Prior to this upsurge, BNB showed signs of exhaustion as small daily candles and upper wicks were observed. This was after it had crossed the $1,114 resistance level as discussed earlier. Altcoin Sherpa earlier hinted that BNB had support at $1,246 and a resistance level at $1,318. He also noted that breaking above this level could send the price to $1,400.
