Binance Coin (BNB) has been gathering bullish momentum to break through the final handle towards a new all-time high (ATH).
The Binance ecosystem has grown significantly despite the regulatory hurdles facing web3-focused companies around the world.

Following the fourth Bitcoin (BTC) halving over the weekend, the altcoin market led by Binance Coin (BNB) has enjoyed bullish sentiments. Notably, most crypto experts believe the altcoin market is about to experience heightened cash rotation in the coming months.

Moreover, Bitcoin’s dominance is on the cusp of a historical reversal as more investors bet on the inevitable rise of the altcoins. Additionally, the ETH/BTC pair has been forming a reversal pattern backed by a bullish divergence on the weekly Relative Strength Index (RSI).

Binance Coin (BNB) Aims for New ATH

Binance Coin (BNB) has been trapped in a mid-term consolidation and correction phase after an impressive rally beyond $600 last month. The large-cap altcoin, with a fully diluted valuation of about $92 billion, traded around $599 on Monday, up around 3.7 in the past 24 hours.

From a technical standpoint, BNB’s price against the US dollar must consistently close above the resistance level of around $633 to validate a rising momentum towards its ATH. Furthermore, the BNB price is not completely out of the woods and could easily drop towards the support range between $460 and $500 if the bulls fail to push higher. 

Nonetheless, last week’s Doji candlestick is a clear testament that the BNB bulls are well incentivized to push higher in the coming months. As Crypto News Flash recently reported, BNB’s price is well-positioned to reach a new ATH in the coming weeks. However, it is prudent for BNB investors and traders to closely monitor Bitcoin price action as it significantly impacts the entire altcoin.

If Bitcoin price begins a short-term retrace below $60k in the coming weeks, it is highly plausible that the entire altcoin market will follow the same path. Furthermore, leverage crypto trading is the main driver of the ongoing bull market in addition to heightened demand from institutional investors.

Market Picture

The Binance ecosystem has faced significant regulatory scrutiny in the past few years following the implosion of FTX and other crypto firms. Moreover, Binance is the leading crypto exchange by daily trading volume, Bitcoin holdings, and registered users, which recently surpassed over 187 million.

Despite the regulatory hurdles experienced in the United States, some European countries, and Nigeria, among other jurisdictions, Binance has excelled as a private web3 firm. Recently, it was reported that Binance is seeking India’s re-entry following CZ’s departure and is likely to pay a fine of about $2 million. Additionally, Binance recently received a full Virtual Asset Service Provider (VASP) in Dubai, which could easily become the company’s global headquarters. 

Notably, Binance is a major web3 hub with more than $6.7 billion in total value locked and nearly $5 billion in stablecoins market cap. Some of the top-tier BSC-based web3 protocols include PancakeSwap (CAKE), and Venus lending platform, among many others.

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Filed under: Bitcoin - @ April 23, 2024 2:24 pm