In the midst of market volatility and the legal challenges faced by Binance and its founder Changpeng Zhao (CZ), Binance Coin (BNB) has managed to defy the odds and regain its momentum. Recent data highlights the revival of BNB’s price, driven primarily by the increasing usage of decentralized applications (DApps) on the Binance Smart Chain (BSC). Alongside strong fundamentals, including impressive market cap figures and revenue growth, BNB is witnessing a significant resurgence that is catching the attention of investors and enthusiasts alike.
After experiencing a sharp decline from its yearly high of $350, BNB faced a setback due to the SEC lawsuit against Binance and CZ. However, the recent price movements indicate a remarkable recovery and a renewed bullish sentiment. Over the past 24 hours, BNB has gained 4.5%, while its performance over the seven, fourteen, and thirty-day time frames demonstrates a consistent upward trend, with gains of 20%, 24%, and 38% respectively.
One of the key drivers behind the price rally of BNB is the growing utilization of DApps on the Binance Smart Chain. Data from DappRadar reveals a surge in DApp volume, presently reaching $4.83 billion, representing an impressive 12% increase. The BNB chain boasts a thriving ecosystem of 5,120 DApps, having recorded 4.89 million transactions, reflecting a significant surge of 12.73% within the past seven days. These figures undeniably point towards a rising demand for BNB, which serves as the primary token within the BSC ecosystem.
Comparing BNB to Ethereum (ETH), DappRadar data highlights the superior performance of BNB across various indicators, including contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume. This outperformance positions BNB favorably and further contributes to the positive market sentiment surrounding the coin.
Underscoring the positive sentiment surrounding Binance Coin, Token Terminal data reveals impressive market cap figures for BNB. With a circulating market cap of $48.02 billion, BNB has seen a notable increase of 14.18%. Furthermore, the fully diluted market cap stands at the same value, reflecting a growth of 28.32%. The revenue generated by BNB in the past 30 days has also witnessed a significant increase of 28.51%, reaching $1.47 million. The coin’s fee growth has been equally impressive, with a 27.98% increase over the past 30 days, resulting in an annualized revenue of $187.56 million. These fundamental metrics further contribute to the positive market sentiment and highlight the potential of BNB for the future.
While the recent resurgence of Binance Coin is an encouraging sign for investors, a notable prediction by a crypto analyst could take the sentiment and excitement surrounding the token to new heights. According to Captain Faibik, a prominent crypto analyst, BNB is poised to achieve a new yearly high during the first half of 2024. This prediction is based on an analysis of BNB’s 1-week chart, revealing a breakout from a descending triangle pattern, signaling the end of the macro downtrend and initiating a new uptrend phase for BNB.
Captain Faibik suggests that BNB’s price could potentially experience an impressive uptrend of 171% in the initial weeks of 2024, surpassing the current all-time high (ATH) of $686. However, it is vital to note that several resistance levels must be overcome to realize this projection. At the current trading price of $307, BNB faces a significant seven-month resistance barrier, hindering its ascent to the $314 level, the next resistance level in the near term.
Analyzing the 1-day chart, it becomes evident that reaching the all-time high level would require surpassing additional macro resistance levels, including $329, $402, $450, $563, $607, $639, and $653. While the theory proposed by Captain Faibik offers promise, the actual realization of Binance Coin’s new yearly high in the early months of 2024, along with a sustained uptrend, remains to be observed.
Binance Coin has demonstrated a robust recovery and noteworthy price rally driven by the increasing adoption and usage of DApps on the Binance Smart Chain. Alongside strong fundamentals and impressive market cap figures, BNB showcases resilience and potential for future growth. While a bold prediction of a new yearly high in 2024 adds to the excitement, overcoming resistance levels along the way remains a challenge. The future of Binance Coin is undoubtedly promising, but only time will tell if it can fulfill its potential and maintain a sustained uptrend.