As Bitcoin (BTC) buyers consolidate their positions to regain bullish momentum ahead of the anticipated rally beyond $100k, the altcoin sector is experiencing significant growth. This surge is spearheaded by key players such as Ripple Labs’ XRP, Binance Coin (BNB), and Tron (TRX), among others. The TOTAL3 index, which excludes Bitcoin and Ethereum, has soared to a new all-time high (ATH) of approximately $1.14 trillion, signaling the onset of the eagerly awaited altseason.
BNB Achieves New All-Time Highs
In the past 24 hours, BNB’s price has surged by over 15%, reaching a new ATH of around $771.60 before slightly retracing to approximately $750 during the early Asian session on Wednesday. This performance has propelled BNB’s price past the longstanding resistance range between $697 and $725, ushering in a much-anticipated discovery phase within the broader macro bull cycle.
Growing Binance Ecosystem
The Binance ecosystem has evolved into a formidable Web3 project, boasting a multitude of decentralized finance (DeFi) projects. As a large-cap altcoin with a fully diluted valuation nearing $107 billion, BNB has experienced a remarkable 100% surge in its daily average traded volume, reaching around $5.2 billion.
Over time, the Binance ecosystem has transformed into a dynamic online community that attracts both developers and investors. As of this report, the total value locked (TVL) on the Binance Smart Chain (BSC) stands at approximately $5.57 billion, while the stablecoins market cap exceeds $6 billion. Notably, Binance Exchange has recorded substantial growth in stablecoin inflows across various chains, positioning it as a key player with over 240 million registered global users.
Amid the growing mainstream adoption of BNB, Binance Exchange is poised to evolve into a trillion-dollar company.
Midterm Targets for BNB
Following a successful bullish breakout to new ATHs, BNB is strategically positioned to regain its previous fourth position in terms of market capitalization. From a technical analysis perspective, BNB is targeting the next significant psychological milestone of at least $1,000, which could trigger a parabolic rally in the coming months.
For BNB to achieve this, it must consistently close above the resistance level of approximately $725 to confirm a successful bullish breakout. Additionally, the weekly Relative Strength Index (RSI) is making efforts to climb above the 70% threshold for the first time since early this year.
Frequently Asked Questions
What is driving the surge in BNB price?
The surge in BNB price is primarily driven by the growth of the Binance ecosystem, increased DeFi activity, and substantial inflows of stablecoins on the Binance Exchange.
How does Binance’s ecosystem impact BNB price?
The expansion of the Binance ecosystem, which includes a total value locked (TVL) of $5.57 billion on BSC and over 240 million global users, significantly bolsters BNB’s adoption and contributes to its price growth.
