The Binance (BNB) ecosystem has continued to grow against all odds fueled by heightened regulatory scrutiny in major jurisdictions led by the United States. After re-entering the Indian market following improved regulatory reforms, the Binance cryptocurrency exchange announced that it has reached 200 million globally registered users.
Consequently, the Binance ecosystem continues to stamp its web3 dominance, more so outside Western countries.
BNB Bulls Summoned Amid Bearish Sentiments
As Bitcoin price continues to struggle to rally above $72k, on-chain data shows heightened crypto cash rotation to the altcoin industry. Furthermore, the approval of spot Ether ETFs in Hong Kong and the United States is a clear indication of heightened demand from institutional investors.
Binance native coin, BNB, price pumped over 200 percent since the beginning of the year to retest its all-time high (ATH) of around $700. However, the large cap-altcoin, with a fully diluted valuation of about $99 billion and a daily average traded volume of around $1.4 billion, has dropped 8 percent to hover around $643 on Monday.