đđđ#binancecoin price hovers around $300, unbothered by the potential spot #BitcoinETFđ°đ°đ° approval
Binance Coin (BNB) experienced a nearly 7% decline in the past four days, settling around the $300 mark, despite the ongoing anticipation of SEC's approval for spot Bitcoin ETFs within the next 48 hours, a crucial event expected to impact the entire market.
The unexpected dip in Binance Coin's price, down over 1% in the last 24 hours & a cumulative 6% in the past four days, brought the altcoin close to a significant support line at $297. This level has served as both support & resistance for BNB since late December following a rapid 23% rally in 48 hours.
SEC approval for spot $BTC ETFs could be a bullish catalyst, countering bearish signals. Despite mild #RSI & #MACD indications, BNB's recovery potential remains, backed by positive market cues.
However, the scenario might shift if capital flows out of the altcoin market & into Bitcoin. In such a case, BNB & other altcoins could experience a short-term correction, possibly pushing BNB below the $297 support line to test $280.
Cryptocurrency Metrics FAQs:
1. Circulating Supply:
The total number of tokens that can be issued is determined by the cryptocurrency's creator. This supply may change through mechanisms like mining or burning tokens. Circulating supply is the number of tokens actively available in the market.
2. Market Capitalization:
Market cap is calculated by multiplying the circulating supply of a cryptocurrency by its current market value. It provides an overall valuation of the cryptocurrency market.
3. Trading Volume:
Trading volume measures the total number of tokens exchanged between buyers & sellers within a specified period, such as 24 hours. It helps gauge market sentiment & demand for a particular asset.
4. Funding Rate:
The funding rate aligns perpetual contract prices with spot markets, with positive rates favoring long positions & negative rates favoring short positions. This mechanism ensures convergence between future & index prices.
Source - fxstreet.com
