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Binance Celebrates As BNB Price Soars Past $700 With ATH, Here’s Why
The Binance Coin (BNB) price has surged past the $700 mark, reaching an all-time high. This milestone comes amid a flurry of on-chain activity and growing network usage. Moreover, Binance, the popular crypto exchange that backs BNB, has expressed optimism toward the achievement.
Why Is Binance Coin Price Surging?
According to data from BscScan a significant uptick has been noted in BEP-20 token transfers. This involves an increase from 6.62 million on May 19 to 10.29 million by June 3. Moreover, the 56% surge in daily token transfers suggests a robust demand for the BNB network, highlighting its expanding utility and adoption.
The increase in daily token transfers is a clear indicator of the network’s growing traction. Hence, such a spike typically signifies heightened user engagement and transaction volumes, bolstering the bullish sentiment surrounding BNB. Additionally, the BscScan BNB Smart Chain Unique Addresses chart underscores this growth.
The metric, which counts each active address only once per day, has shown a consistent average increase of 150,000 unique addresses daily. Furthermore, this steady rise points to more users and new capital flowing into the BNB Smart Chain, further supporting the positive outlook.
However, despite these bullish signals, technical analysis suggested caution earlier. Should BNB break the upward trendline of its current triangle pattern and close below $500, the market sentiment could shift to bearish. This potential shift could trigger a 9% decline, targeting the 50% Fibonacci retracement support level at $454.
On the contrary, the recent surge beyond $700 slashes the chances such bearish trend in the short-term. If the BNB price sustains above $700, a crash can be averted. Moreover, further rally could be witnessed owing to the soaring influx into the BNB chain.
Also Read: Best BNB Coins To Invest In 2024
BNB Price Soars Past $700
The BNB price failed to above $700 in today’s trading session, however, the daily gains exceeded 11%. At the time of writing, the Binance Coin price rallied 11.37% to $697.26 on Wednesday, June 5. Whilst, the prominent crypto exchange’s crypto boasted a market capitalization of $102.91 billion.
Furthermore, the 24-hour trading volume for BNB skyrocketed 85.53% to $4.35 billion. In addition, the BNB price attained a fresh all-time high of $712.59 amid the recent rally. Thereafter, Binance celebrated this milestone on X.
In a post on X, the exchange wrote, “BNB reached over $700, hitting a new ATH!” Additionally, Binance Africa also hailed the latest achievement as a “historic” one.
Also Read: Binance Coin (BNB) Price Hits All-Time High: What’s Happening?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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