Does BNB finally seem out of the woods? After a gloomy second quarter of 2024, where flirting with $250 was a challenge, compared to its historic peak of $686.31 in May 2021, the latest data suggests promising new prospects for Binance BNB.
BNB, a mysterious rise
At the end of 2023, BNB has finally returned to the $300 mark, a performance absent for six long months. It is in this context that our bold analyst predicted an imminent return of Binance Coin to its former resistance level, around $337 in mid-January. However, to reach this level, the crypto had to successfully cross the thresholds of 260, 270 and 300 dollars, a path strewn with pitfalls and challenges.
The equivalent amount of tokens used as collateral on their native networks will then be released. »
Binance Coin (BNB), which oscillates in step with the Binance platform, has outperformed its counterparts for climb almost 10% last weekrevealed Cryptopolitan.
This sudden surge coincides with theannouncement of a “burn” by Binance. Strangely, this burn does not concern BNB tokens, fueling speculation about the reasons for this price surge. In a statement, Binance said thatit would burn a substantial volume of B BUSD and TUSD tokensthen releasing the equivalent of the cryptocurrencies used as collateral on their native networks.
This sudden rise, closely linked to Binance’s performance, attracted the attention of investors and analysts, standing out in a booming cryptocurrency market.
Speculation abounds around this increase. Although BNB tokens are not directly involved in burning, the announcement appears to have boosted investor sentiment towards the Binance ecosystem.
The peak of the BNB crypto peaked on Wednesday February 21, confirming an upward trend that began the previous Monday. This climb continued into Thursday morning, with BNB reaching an intraday high of $387 as we close this article.
A sustained rise of Binance crypto
Binance Coin (BNB) rose 4.63% over the past 24 hours, reaching $381. This steady progression has propelled its market capitalization to $57.11 billion, placing it fourth among the largest cryptocurrencies. Since the start of the year, the BNB has increased by 24%.
This steady rise began after the appearance of a bullish golden cross on its charts in December 2023. This positive signal, where the short-term moving average (50 days) crosses the long-term moving average (200 days), has triggered an upward trend. Despite some periods of consolidation, BNB has maintained its momentum, recently crossing the $338 mark in mid-February.
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