đŸ’„đŸ’„đŸ’„ #BNB⁩ Sets New ATH at $711 This Cycle After 10% Spike in Under 24 Hours, More ATHs Expected as #AltSeason Arrives

BNB Reaches New All-Time High at $711, Sparking Altseason Speculation

- BNB has set a new all-time high (ATH) at $711.56, according to CoinMarketCap analytics, following a 10% surge in under 24 hours. This significant rise has fueled speculation that the long-awaited altseason may be on the horizon.

BNB Hits New ATH


- Binance’s native token BNB has achieved a new ATH of $711.56, surpassing its previous record. This surge followed a substantial gain from a low of $597 on Sunday. Currently, BNB is trading at $701, marking an over 10% increase in the past 24 hours. BNB’s market cap now stands at $103.1 billion, with a 24-hour trading volume of $4.06 billion, up nearly 40%.

Drivers of BNB’s Surge


- The sudden spike in BNB’s price is largely attributed to heightened activity on Binance’s Launchpad and Launchpool platforms. Users of these services must purchase and stake BNB to earn shares of newly issued tokens, driving demand for the asset. Notably, the recent launch of the popular Telegram-based gaming token Notcoin (NOT) on Binance Launchpad has contributed to BNB’s growth.

Additional Factors


- Bernd Sischka, Chief Commercial Officer at PowerTrade, reported that 11,250 options were traded, further boosting BNB’s popularity and price. He anticipates increased volatility as we approach 2024.

Altcoin Market Rise


- The broader altcoin market has also experienced a general rise. Wu #Blockchain notes that BNB’s market value has returned to over $100 billion, a level not seen since December 2021. Additionally, TON has risen by over 8%, entering the top 10 #cryptocurrencies by market value.

Altseason Speculation


- With BNB’s new ATH and the overall positive movement in the altcoin market, there is growing speculation that this could signal the start of the much-anticipated altseason.


Source - cryptonewsland.com

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