BNB Soars Past $800, Surpassing Solana in Market Capitalization

The price of BNB has soared past $804 on the Binance exchange, setting a new all-time high in the asset’s seven-year history.

Two key factors may have contributed to this rally: a significant influx of institutional capital into ETF products and the recent approval by the U.S. House of Representatives of cryptocurrency regulation bills.

As a result, BNB has overtaken Solana in market capitalization, now ranking fifth on CoinGecko.

Amidst this growth, Binance founder Changpeng Zhao hinted at the impending start of a «FOMO season». He observed that the Altcoin Season Index from CoinMarketCap is «on the rise», although he noted his uncertainty regarding the accuracy of this index.

Currently, the Altcoin Season Index sits at 52, compared to a level of 48 on July 22.

Following its peak, the price of BNB corrected itself, with the coin trading at $792 (+4% in the past day) at the time of writing, according to CoinGecko.

Additionally, the BNB Chain developers plan to «create a next-generation blockchain» and improve network performance by ten times.