Highlights

  • The Binance ecosystem has been thriving due to DeFi projects and memecoin projects, which have increased the overall demand for BNB during the current altcoin season.

  • The price of BNB has successfully re-tested the bullish breakout of previous historical highs and may soon enter the parabolic phase.

In the past 24 hours, the price of Ethereum (ETH) has surpassed $4,000, reigniting the sentiment of a parabolic bull market across the entire altcoin industry. Major altcoins led by Binance Coin (BNB) and Solana (SOL) have signaled the start of a macro bull market after re-testing the historical high points of 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 industry. Furthermore, after dominating the bull market for Bitcoin 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, demand for most major trading projects in the region has sharply increased. For example, Ripple Labs' XRP has surged over 5 times, nearly re-testing its historical high, thus climbing to become the third most valuable cryptocurrency by market capitalization.

Moreover, Solana's price has surged significantly over the past two years, re-testing highs above $250. Consequently, BNB has lost its previous fourth-place 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. Over the past 7 days, BNB's price has risen 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.

As a result, 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, which includes the BSC chain and Binance exchange. According to the latest market data, the total locked value of the BSC network is approximately $5.8 billion, with stablecoin valuations around $6.6 billion.

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