BNB Surges to 7-Month High Amid Kalshi Move and Explosive BNB Chain Growth

The Binance Coin (BNB) price has surged over 6% in the past 24 hours, reaching a 7-month high. This impressive rally comes after some positive news from Kalshi and the growth of the BNB Chain.

BNB traded at $725 yesterday but found solid support at $710 after a market-wide retracement. It then exploded out of the gate, surging to $770 for the first time since early February.

The reason behind BNB's defiance is likely due to outside factors, such as Kalshi's move to launch perpetual futures contracts for the asset in the US, regulated by the Commodity and Futures Trading Commission. Leverage is capped at around 4.5x for eligible US traders.

BNB Chain growth is also a probable reason, with a Grayscale report revealing that it is among the most widely used networks for trading tokenized equities. The weekly spot volume peaked at almost $3 billion in August, while only 5% of the market is currently deployed in on-chain finance.