BNB Price Skyrockets to $580 as BNB Network Completes Major Upgrade

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BNB Price Skyrockets to $580 as BNB Network Completes Major Upgrade

BNB has reclaimed the $580 level following the successful testnet completion of a key network upgrade, injecting fresh optimism into the BNB ecosystem and the broader Binance Smart Chain (BSC) community.

The Lorentz hard fork upgrade was completed on the BNB Chain testnet, lowering block time to 1.5 seconds while significantly boosting transaction speed and network efficiency. Currently, block time on the opBNB testnet is 0.5 seconds and 1.5 seconds on the BSC testnet.

The Lorentz testnet hardforks are complete!

opBNB is now running at 0.5s block times & BSC testnet is live with 1.5s block times

Faster blocks. Smoother performance. Now its time for mainnet:

???? opBNB → April 21 @ 03:00 AM UTC

???? BSC → April 29 @ 05:05 AM UTC

— BNB Chain (@BNBCHAIN) April 10, 2025

Mainnet upgrades are scheduled for April 21 for opBNB at 3:00 a.m. UTC and April 29 for BSC at 5:05 a.m. UTC. A subsequent upgrade, Maxwell, planned for June 2025, will cut block time to 0.75 seconds.

In a tweet announcing the milestone and what comes next, the BNB Chain team stated that these upgrades are more than just technical milestones; they are about providing builders, validators and users with a faster and more responsive chain.

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In other news, Grayscale has updated its “Assets Under Consideration” list, which details digital assets presently being reviewed for potential inclusion in future investment products, including BNB.

BNB price action

At press time, BNB was trading at $582. BNB sharply rose in Wednesday‘s session, rising from $534 to $582. This was followed by a drop in yesterday’s session despite a cooler inflation data release. Federal Reserve officials remain in wait-and-see mode as they seek clarity amid the current uncertainty.

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BNB is gaining ground in the early Friday trading session, reaching intraday highs of $583.7. A golden cross looks to appear on its hourly chart if the current momentum is sustained.

BNB is now hovering near the critical barrier on its daily chart, nearing its moving average 50 at $602.70, with traders closely watching to see if it will see a break out or face consolidation.

The upcoming upgrades add a fundamental layer of strength to the tokens outlook, but sustained momentum may still depend on broader crypto market sentiment. On the macroeconomic front, the producer price index report for March is scheduled for release today, as is the preliminary University of Michigan consumer sentiment data for April.