Binance Coin (BNB), the native cryptocurrency of the Binance ecosystem, has surged to a new all-time high, reaching a price of $771.60.
This latest milestone represents a significant achievement for the large-cap altcoin, which has seen its value steadily climb in recent weeks.
At the time of writing, the BNB price stands at $762.15, with a 24-hour trading volume of $5,898,887,255.
This translates to a 15.83% price increase in the last 24 hours and a 22.69% price increase over the past 7 days. With a circulating supply of 150 million BNB, the cryptocurrency is currently valued at a market capitalization of $110,049,403,992.
Growing TVL and Stablecoin Market Cap on Binance Smart Chain
The Binance Smart Chain (BSC), an integral part of the Binance ecosystem, has also seen a significant increase in its total value locked (TVL), which currently stands at $5.57 billion.
Additionally, the stablecoin market cap on the BSC has grown to over $6 billion, further bolstering the overall strength and adoption of the Binance platform.
Bullish Technical Analysis Points to Potential $800 Rally
The recent rally in BNB’s price has been largely attributed to the breakout of an inverse head and shoulders pattern, a bullish reversal chart formation.
This pattern, which typically marks the end of a downtrend, was confirmed when BNB broke above the $630-$680 resistance range.
This breakout indicates that the bearish trend that had previously held BNB’s price down has now come to an end, with the market shifting towards a more bullish sentiment.
On the BNB/USD chart, the 50-day simple moving average (SMA) has now crossed above the 200-day SMA, indicating positive price momentum.
Consequently, the market has developed increased confidence that BNB will keep ascending towards the $800 level in the near future.
This technical pattern is often seen as a precursor to major price increases, as it signals that the short-term trend has turned bullish and is expected to continue in the long term.
Strengthening Binance Ecosystem Driving Investor Optimism
The Binance ecosystem has grown to become a major player in the web3 space, with dozens of DeFi projects now built on the platform.
This extensive ecosystem, coupled with Binance’s dominant position in the cryptocurrency exchange market, has contributed to the increased investor optimism surrounding BNB.
The large-cap altcoin’s fully diluted valuation currently stands at around $107 billion, and it has registered a 100% surge in its daily average traded volume, which now hovers around $5.2 billion.
Also Read: BNB Chain Selects 35 Projects for MVB Season 8, DeFi and AI Projects Dominate