Binance Coin (BNB) Leads Market Rally with 5% Surge, Hits $604.29
  • Binance Coin (BNB) is gathering bullish momentum to break the final handle towards a new all-time high (ATH).
  • Despite the regulatory hurdles facing Web3-focused companies around the world, the Binance ecosystem has grown significantly.

Following the fourth halving of Bitcoin (BTC) last weekend, the altcoin market, led by Binance Coin (BNB), is enjoying bullish momentum. Notably, most cryptocurrency experts believe that the altcoin market will see increased turnover in the coming months.

Moreover, Bitcoin’s dominance is on the brink of a historic reversal as more investors bet on altcoins’ inevitable rise. Furthermore, the ETH/BTC pair is forming a reversal pattern on the back of a bullish divergence in the weekly Relative Strength Index (RSI).

Binance Coin (BNB) aims for a new ATH

Binance Coin (BNB) is in a medium-term consolidation and correction phase after an impressive rise above $600 last month. The large-cap altcoin, which has a fully diluted valuation of about $92 billion, traded at about $599 on Monday, up about $3.7 in the past 24 hours.

From a technical perspective, BNB price against the USD needs to consistently close above the resistance level near $633 to confirm the increased momentum towards the ATH. Moreover, BNB price is not completely out of the woods and could easily fall towards the support range between $460 and $500 if the bulls fail to move higher.

Nevertheless, last week’s Doji candlestick clearly proves that BNB bulls have plenty of incentive to move higher in the coming Crypto News Flash recently reported, BNB price is well positioned to reach a new ATH in the coming weeks. However, it is wise for BNB investors and traders to closely monitor Bitcoin price movements as they have a significant impact on altcoins overall.

If Bitcoin price dips below $60,000 and begins a short-term rally in the coming weeks, it is very likely that the entire altcoin market will follow the same path. Additionally, leveraged cryptocurrency trading, along with increasing demand from institutional investors, is a key driver of the continued bull market.

Market current situation

The Binance ecosystem has faced significant regulatory scrutiny over the past few years following the collapse of FTX and other crypto companies. moreover, Binance is the leading cryptocurrency exchange in terms of daily trading volume, Bitcoin holdings, and registered users, with the number of registered users recently exceeding 187 million.

Despite the regulatory hurdles it has experienced in jurisdictions such as the United States, some European countries, and Nigeria, Binance has an excellent track record as a private Web3 company. It was recently reported that Binance is seeking to re-enter India after leaving CZ and is likely to pay a fine of approximately $2 million. Additionally, Binance recently acquired 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 over $6.7 billion in total value locked and nearly $5 billion in stablecoin market capitalization. His top-level BSC-based Web3 protocols include PancakeSwap (CAKE) and the Venus lending platform.

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