Binance Coin (BNB) Spikes to New ATH Above $770, Confirming Onset of Altseason

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As a seasoned crypto investor with over half a decade of experience navigating the ever-changing digital asset markets, I can confidently say that the latest surge of Binance Coin (BNB) to an all-time high has my eyes gleaming with anticipation. Having witnessed the rollercoaster ride of Bitcoin and Ethereum, I’ve learned to read between the lines in market trends.

For the past eight months, Binance Coin (BNB) has been trading below its 2021 peak. However, today it has managed to reach a new all-time high (ATH). This significant cryptocurrency, valued at around $111 billion and with daily traded volumes exceeding $6 billion, experienced an increase of over 17% in the last 24 hours, currently trading around $765 during the mid-London session on December 4.

The cryptocurrency used within the Binance platform is indicating a potential steep increase in value over the short term. Additionally, the Relative Strength Index (RSI) is almost ready to surge past the 70% mark for the first time since early this year.

I’ve noticed an exciting development in the crypto sphere – the long-awaited altseason is finally underway! This surge promises even more profits in the upcoming months. While Bitcoin (BTC) seems to be holding steady below the $100K mark, the Total3 market cap, which excludes Ethereum (ETH), has soared to a record high of over $1.1 trillion today. This significant increase is quite intriguing and might signal promising times for altcoins.

Major Factors Fueling Bullish Sentiment on BNB Price

The significant surge in BNB price to a record peak can be attributed largely to a buildup of optimistic feelings among investors over the past few months. Since the release of Binance’s former CEO, Changpeng Zhao (CZ), from U.S. prison, the positive outlook on BNB has noticeably strengthened.

Based on an examination of blockchain data, it appears that Binance has been experiencing the greatest influx of stablecoins over the past few weeks, driven by large-scale investors hoping to profit from a potential altcoin boom. Additionally, Binance boasts one of the largest international user communities, with over 240 million registered users worldwide.

As a crypto investor, I’ve noticed some remarkable growth in the Binance Smart Chain (BSC) network lately. The user base for its Web3 ecosystem has swelled to over 1.1 million active daily addresses, which is quite impressive. Moreover, the Total Value Locked (TVL) within the network has escalated beyond $5.8 billion, and the market capitalization of its stablecoins hovers around $6.14 billion. It’s an exciting time to be part of this dynamic blockchain ecosystem!

Over the past day, the overall Open Interest (OI) for BNB futures increased by over 39%, reaching approximately $1.5 billion. This surge strongly suggests that the BNB price has likely experienced considerable growth due to FOMO-driven speculative trading, with whale investors playing a significant role.

Midterm Expectations

To put it simply, for a bullish breakout to be confirmed in the long-term perspective, Binance Coin (BNB) needs to persistently close above its previous resistance point near $690 per coin. As suggested by crypto expert Ali Martinez, if this condition is met, BNB could potentially surge past $1000 and reach an intermediate goal of approximately $1,630.

We entered $BNB earlier, but now at $740 and in price discovery, it couldn’t look better!

— Ali (@ali_charts) December 3, 2024

If the BNB price falls back under $609, the latest surge may be seen as a false breakout. Yet, the BNB market is currently dominated by bulls, so a possible dip to around $700 might trigger panic buying from FOMO traders, potentially leading to increased demand.

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2024-12-04 12:40