cryptonewsland.com
- BNB sets a new ATH at $711 according to CoinMarketCap analytics.
- The altcoin went up by 10% in under 24 hours and analysts expect BNB to go higher.
- Many speculate that this sign is the trigger for the long-awaited altseason.
Binance’s native token BNB finally sets a new all-time high (ATH) for this ongoing bull cycle. Beating out its previously set ATH, the new ATH price for BNB is now set at $711.56 according to CoinMarketCap analytics.
This sudden surge came about after a significant gain of over 10% from Sunday’s low price of $597. Presently, BNB is at $701, over 10% increase in the last 24 hours. The assets market cap is at $103,129,442,882 while its 24 hour trading volume is at $4,056,511,470 which is up by almost 40%.
The reason behind BNB’s sudden spike and new ATH is likely due to the strong activity from within Binance Launchpad and Launchpool platforms. In order to use these services, users must purchase and stake BNB to earn a share of newly issued tokens.
More significantly, the last launch on Binance Launchpad and Launchpool was the Telegram-based gaming token Notcoin (NOT). This was a very popular coin of which the price keeps rising exponentially, perhaps adding onto BNB’s growth as well.
Meanwhile, Bernd Sischka, Chief of Commercial Officer at PowerTrade says 11,250 options were traded, adding to BNB’s popularity and growth. More so, he says traders can expect even more volatility towards 2024 price high.
As for the possible growth activity of other altcoins like BNB, Wu Blockchain says altcoins have seen a general rise. He points out BNB’s rise over the last 24 hours and commends how its market value has returned to over $100 billion, a high not seen since December 2021.
According to CoinGecko, Altcoins have seen a general rise. In the past 24h, BNB has risen by more than 10% to $690, and its market value has returned to above $100 billion since early December 2021. TON has risen by more than 8%, becoming the tenth largest cryptocurrency by…
— Wu Blockchain (@WuBlockchain) June 5, 2024
He also highlights TON which has gone up by over 8% and has taken over one of the top 10 spots for the largest cryptocurrencies by market value. Would this new BNB ATH and new top 10 crypto ranking be the long-awaited start to altseason?