As a seasoned crypto investor with over five years of experience in this wild and volatile market, I have learned to keep my expectations grounded yet remain optimistic about potential opportunities. In recent days, the altcoin market has shown promising signs of life, led by Binance Coin (BNB), which appears to be attempting a bullish breakout.
Recently, the altcoin market, particularly Binance Coin (BNB) priced at $592.4 with a 24-hour volatility of 0.4%, has been striving to align with Bitcoin‘s (BTC) price in a positive market trend over the past few weeks. The crypto market’s bullish storyline has been gathering pace lately, fueled by increased institutional investor interest in the last few days. The total market cap for Binance Coin stands at $86.43 billion, with a 24-hour volume of $931.90 million, while Bitcoin’s market cap is at $1.32 trillion, with a 24-hour volume of $32.72 billion and a 24-hour volatility of 0.8%.
As a researcher delving into the cryptocurrency market, I’ve noticed an upward trend in Bitcoin’s bullish sentiment, evidenced by its escalating market dominance that recently hit a 42-month high within the past day. Analyst Benjamin Cowen predicts this trend will persist, potentially reaching up to 60%, at which point a reversal is anticipated, setting the stage for the long-awaited altseason.
Binance Coin (BNB) Attempts Bullish Breakout
Over the last few months, Binance Coin (BNB) has been making repeated efforts to surpass its significant barrier at approximately $600. After Bitcoin’s substantial surge past $67,000, there’s a possibility that BNB could soon reach a new record high price.
$BNB Bull Flag Break out in 2D Timeframe✅
Expecting Massive Bullish Wave📈#BNB #BNBUSDT #Crypto
— ZAYK Charts (@ZAYKCharts) October 17, 2024
Based on predictions by crypto expert ZAYK Charts on X platform, Binance Coin (BNB) appears poised for a significant bullish surge in its daily chart. This analyst expects a potential rise of around 50%, propelling BNB’s price to approximately $830 in the short term.
If the BNB price persistently ends its trading sessions beneath the approximate support level of $535, the temporary optimistic outlook might not hold true.
Favoring Factors
As a crypto investor, I’ve witnessed the impressive expansion of the Binance network into a thriving web3 ecosystem. This vibrant community is filled with online users, developers, and investors, all contributing to its growth. Since Changpeng Zhao, the former CEO of Binance, launched BNB and the entire Binance Smart Chain (BSC) ecosystem, there’s been a notable surge in bullish momentum.
Based on recent market figures, the total value locked (TVL) in the Binance Smart Chain (BSC) network has risen significantly. It was approximately $4.2 billion in mid-August, but it reached around $4.7 billion on October 17th. Furthermore, the amount of stablecoin circulating on the BSC network has surged by over half a billion units in the past month. This surge indicates that investors are showing increased interest and buying pressure.
The Binance platform has been growing its collection of meme-based cryptocurrencies, aiming to draw in more users and boost the versatility of BNB long term. Notably, BNB serves as the main provider of liquidity within the Binance network. In response to this role, the Binance network has been offering assistance with both liquidity and technical support for groundbreaking meme coins in recent times.
Currently, Binance holds regulatory approval in over 20 countries globally, ensuring a lasting growth. Notably, Binance recently secured a comprehensive cryptocurrency license in Dubai, allowing for expansion of their regional operations.
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2024-10-17 13:51