đ„đ„đ„ #BNBâ© 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
- Binanceâs 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. BNBâs market cap now stands at $103.1 billion, with a 24-hour trading volume of $4.06 billion, up nearly 40%.
Drivers of BNBâs Surge
- The sudden spike in BNBâs price is largely attributed to heightened activity on Binanceâs 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 BNBâs growth.
Additional Factors
- Bernd Sischka, Chief Commercial Officer at PowerTrade, reported that 11,250 options were traded, further boosting BNBâs 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 BNBâs 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 BNBâs 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
