The Binance Coin price (BNB/USD) has hit new all-time highs following the launch of the Binance Chain last week.
BNB has enjoyed strong price action over the past couple of days, especially on Saturday, when it broke above the $25 level for the first time ever. The coin rose to an all-time high of $25.53 during that session, surpassing the previous record ($24.91), which was set on January 12, 2018. BNB also notched up its first close above the $25 mark on Saturday, finishing the day at $25.01.
The coin experienced a sizable correction during Sunday’s trading, with its price falling to an intraday low of $22.79 in the early afternoon. However, BNB was able to rebound in the latter part of the session and eventually finished the day at $24.19, lower than its opening price of $24.99.
BNB’s latest advance was triggered by last week’s launch on Binance’s own blockchain, the Binance Chain. The crypto exchange announced last Thursday that it was launching the blockchan’s mainnet and that BNB’s migration to the new chain was scheduled for April 23. In its announcement, Binance encouraged BNB holders storing their tokens in external wallets to ensure that the wallets they are using support the migration or move their holdings to a Binance wallet. The Binance chain will also support the company’s decentralised exchange, which is poised to launch later this month.
In an interview with Bloomberg, Kyle Samani, co-founder of crypto hedge fund Multicoin Capital, described the launch of Binance chain as “one of the most important crypto events of the year”.
In today’s trading, the Binance Coin price stood at $24.47, as of 16:05 BST. The digital coin has gained 3.3% over the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market cap currently stands at nearly $3.5 billion.