Binance’s BNB coin has been making waves over the last few days. BNB has hit multiple all-time highs within a span of just a week. The asset hit its most recent peak of $1,294.61 earlier today, and is moving closer to breaching the $1300 mark. According to CoinGecko data, BNB has rallied 6.3% in the last 24 hours, 26.5% in the last week, and nearly 50% over the previous month. BNB’s latest upswing has led to a substantial surge in the project’s market cap, overtaking those of XRP and Tether (USDT).

What’s Pushing BNB To New All-Time Highs?

BNB’s latest upswing is likely due to a surge in BNB Chain activity. According to Artemis Analytics, BNB Chain topped the list for most fees earned in the last 24 hours. DeFi apps, NFT activity, and daily users on the BNB Chain have seen a substantial increase. BNB, being the native token of the blockchain, has hugely benefited from the rising activity on Binance’s blockchain.

BNB’s surge has also led to Binance founder Changpeng Zhao (CZ) seeing a spike in his net worth. According to Forbes data, CZ is currently worth nearly $90 billion, making him the 21st richest person in the world.

Will The Asset Continue To Rally?

The crypto market seems to be entering another bullish phase. The rally could be due to investors pivoting their funds away from the US dollar and into Bitcoin and gold. Moreover, October has a history of being a bullish month for the crypto market. BNB could continue to benefit from the two developments.

Also Read: Binance’s BNB Coin Might Just Become The Top Player of 2025

Another reason why BNB may continue its rally is the possibility of another interest rate cut this month. According to the CME FedWatch tool, there is a 92.5% chance of a 25 basis point interest rate cut in October. Another rate cut could trigger a market-wide rally.