cointelegraph.com
The price of Binance Coin (BNB), the native cryptocurrency of Binance and Binance Smart Chain, rallied by more than 20% in the last 24 hours.
Since BNB is also the native token of the Binance Smart Chain blockchain network, rising user activity positively affects the value of BNB, contributing to its recovery.
Traders were ready to buy the dip
A pseudonymous trader known as "Altcoin Psycho" stated that traders were ready to buy the dip in the altcoin market.
He said:
"Traders were ready to buy the dip. Was anticipating a market dip all week, yet I got lazy and did a bad job positioning myself for success. Had 10+ alts on my list, only set bids for eth. Thankfully experienced minimal drawdown tonight, but still really played this opportunity poorly. Good learning lesson here."
The quick inflow of capital into the altcoin market shortly after the dip led many altcoins to recover swiftly, which likely catalyzed BNB's upsurge.