BNB Price: Why It’s Outperforming Bitcoin & Ethereum

“The recent market attention around CZ’s YZi Labs has further strengthened investor confidence in BNB’s long-term prospects,” Chen said.

At the time of writing, the BNB price was just 2% away from the all-time high the token set on Tuesday night. In the last week, BNB has gained 27.6% and is now trading 48.7% higher than a month ago.

BNB, originally Binance Coin, debuted in 2017 as an ERC-20 token on Ethereum. However, two years later, it migrated and became the native gas and governance token on BNB Chain.

BNB’s utility on the network has played a role in its resilience, Chen noted.

“Binance’s ongoing auto-burn and quarterly burn mechanisms constantly reduce supply, magnifying price elasticity as demand increases,” he added. “This structural shortage has provided a solid cushion against market declines.”

On Tuesday, the network announced that it had integrated the Chainlink data standard, through which it has brought economic data from the US Department of Commerce on-chain. That means BNB Chain developers will have access to macroeconomic data directly from the Bureau of Economic Analysis, such as GDP and Personal Consumption Expenditures via Chainlink Price Feeds.

However, there may not be any new US macroeconomic data for some time. The US government is currently shut down because Congress failed to agree on a funding bill or continuing resolution, which would have given lawmakers time to negotiate appropriations. That means all non-essential services, including the preparation and publication of economic data, will be on hold until the shutdown ends.

It’s already lasted a week. Myriad users are increasingly confident that the closure will be extended beyond October 15.

As of Wednesday morning, 79.5% of users think the closure will extend beyond the middle of the month. That represents an increase of 39.5% since yesterday. Myriad is a unit of Dastan, which is also the parent company of independent Decrypt.