As Ethereum and Binance Coin (BNB) retest historical highs, the cryptocurrency bull market accelerates

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In the past 24 hours, the price of Ethereum (ETH) has exceeded $4,000, reigniting the parabolic bull market sentiment across the entire altcoin industry. Major altcoins led by Binance Coin (BNB) and Solana (SOL) have sent signals of the macro bull market starting after retesting their historical highs from 2021. Additionally, Bitcoin's dominance on the weekly chart has begun to show a downward trend, which will intensify the ongoing rotation of cryptocurrency cash into the altcoin sector. Furthermore, after dominating the market during the bull run over the past two years, the altcoin industry is expected to surpass Bitcoin by 2025.

The Return of Binance Coin (BNB)

Following the victory of U.S. President Donald Trump, who supports cryptocurrency, last month, the demand for most major traded projects in the region has surged dramatically. For instance, Ripple Labs' XRP skyrocketed over 5 times, nearly retesting its historical highs, thus climbing to become the third most valuable cryptocurrency by market capitalization.

Moreover, the price of Solana has surged significantly over the past two years, retesting highs above $250. As a result, BNB lost its previous fourth position due to underperformance over the past two months.

However, the situation is gradually changing, with BNB's price surpassing that of other large-cap altcoins. In the past 7 days, BNB's price has increased by 4%, trading at approximately $715 at the time of writing. Meanwhile, the prices of Solana and Dogecoin have dropped by about 1% during the same period.

Consequently, BNB has overtaken SOL to become the fifth-largest cryptocurrency asset, with a market capitalization of approximately $104.7 billion.

Influencing Factors

The rise of BNB is largely influenced by the tangible success of the Binance ecosystem, including the BSC chain and Binance exchange. According to the latest market data, the total locked value on the BSC network is about $5.8 billion, with a stablecoin valuation of around $6.6 billion.

The BSC chain has had over 1 million active addresses in the past 24 hours, making it a major player in the sustained rise of BNB.

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