After experiencing a period of relatively sideways movement since mid-April 2024, the price of Binance Coin (BNB) has achieved a new all-time high (ATH) of $711 on Wednesday morning, based on data from Coinmarketcap. The question that arises now is whether it has the potential to breach the $1,000 mark. This remarkable milestone coincides with a 2.8% increase in the global crypto market capitalization to $2.63 trillion in the past 24 hours. Additionally, Bitcoin's price reached a weekly peak of $71,000 after hitting a crucial support level at $69,000. The reasons behind the recent ATH of BNB, after three years of consolidation and surpassing the $700 mark, are speculated to encompass several factors. At the time of composing this analysis, the price of BNB is hovering around $710, reflecting a positive 12.8% performance in the last 24 hours and a notable 135% annual return. Furthermore, its market capitalization has surged past $104 billion, marking a 154% increase over a year. One of the key drivers behind the recent surge in BNB price is believed to be the escalating activity on Binance Launchpad and Launchpool. Participants on these platforms are mandated to acquire and lock BNB to receive portions of recently issued tokens, such as the notable surge in the Telegram-based gaming token Notcoin by 140% in the recent week, attracting considerable interest and investments. This surge in involvement has led to increased demand for BNB, thus amplifying its value. In addition, the trading volume of Binance Coin has witnessed a significant uptick, surpassing $4 billion in the last 24 hours, positioning it as the sixth most traded digital asset. This surge in trading activity underscores heightened investor interest and confidence in BNB, further boosting its price.