{"id":80250,"date":"2024-06-05T09:31:06","date_gmt":"2024-06-05T13:31:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=80250"},"modified":"2024-06-05T09:31:56","modified_gmt":"2024-06-05T13:31:56","slug":"binance-applauds-bnb-price-hitting-700-with-ath","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-applauds-bnb-price-hitting-700-with-ath\/","title":{"rendered":"Binance Applauds BNB Price Hitting $700 With\u00a0ATH"},"content":{"rendered":"\n

Binance hailed the recent spike in BNB price<\/a>, as the crypto exchange's native token surpassed the $700 mark\u00a0today.<\/p>\n\n\n\n

\"Binance<\/figure>\n\n\n\n

The Binance Coin (BNB) price has reached an all-time high by surging past the $700 mark.<\/p>\n\n\n\n

The occurrence of this milestone coincides with an increase in network usage and a surge in on-chain activity.<\/p>\n\n\n\n

Moreover, Binance, the prominent cryptocurrency exchange that endorses BNB, has expressed confidence in its success.<\/p>\n\n\n\n

Why Is Binance Coin Price Surging?<\/h2>\n\n\n\n

Data from BscScan indicates that there has been a substantial increase in the transmission of BEP-20 tokens.<\/p>\n\n\n\n

This entails a rise from 6.62 million on May 19 to 10.29 million by June 3.<\/p>\n\n\n\n

Additionally, the BNB network's expanding utility and adoption are indicated by the 56% increase in daily token transfers, which indicates a robust demand.<\/p>\n\n\n\n

The network's increasing traction is evident in the increase in daily token transfers.<\/p>\n\n\n\n

Therefore, such a surge generally indicates increased user engagement and transaction volumes, which reinforces the optimistic stance toward BNB.<\/p>\n\n\n\n

Furthermore, this expansion is evident in the BscScan BNB Smart Chain Unique Addresses chart.<\/p>\n\n\n\n

The average daily increase of 150,000 unique addresses has been consistent. This metric includes each active address only once per day.<\/p>\n\n\n\n

Additionally, this consistent increase suggests that the BNB Smart Chain<\/a> is receiving an increasing number of users and new capital, which further bolsters the optimistic outlook.<\/p>\n\n\n\n

However, technical analysis had previously suggested caution, despite these bullish signals.<\/p>\n\n\n\n

The market sentiment could transition to bearish if BNB breaches the upward trendline of its current triangle pattern and closes below $500.<\/p>\n\n\n\n

This prospective change might result in a 9% drop, with a target of $454 as the 50% Fibonacci retracement support level.<\/p>\n\n\n\n

Conversely, the recent increase beyond $700 has diminished the likelihood of such an adverse trend in the short term.<\/p>\n\n\n\n

If the BNB price remains above $700, it is possible to prevent a collapse.<\/p>\n\n\n\n

Additionally, the rapidly increasing influx into the BNB chain may result in a further rally.<\/p>\n\n\n\n

BNB Price Surges Past $700<\/h2>\n\n\n\n

The BNB price failed to rise above $700 in today's trading session, however, the daily gains exceeded 11%.<\/p>\n\n\n\n

On Wednesday, June 5, the Binance Coin price\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> increased by 11.37% to $697.26 at the time of this writing.<\/p>\n\n\n\n

While the prominent crypto exchange's cryptocurrency had a market capitalization of $102.91 billion.<\/p>\n\n\n\n

Additionally, the 24-hour trading volume for BNB increased by 85.53% to $4.35 billion.<\/p>\n\n\n\n

Furthermore, the BNB price reached a new all-time high of $712.59 during the most recent rally.<\/p>\n\n\n\n

Subsequently, Binance commemorated this achievement on X.<\/p>\n\n\n\n

The exchange announced in a post on X that “BNB reached over $700, hitting a new ATH!”<\/p>\n\n\n\n

Furthermore, Binance Africa lauded the most recent achievement as a “historic” one.<\/p>\n","protected":false},"excerpt":{"rendered":"

Binance hailed the recent spike in BNB price, as the crypto exchange’s native token surpassed the $700 mark\u00a0today. The Binance Coin (BNB) price has reached an all-time high by surging past the $700 mark. The occurrence of this milestone coincides with an increase in network usage and a surge in on-chain activity. Moreover, Binance, the […]<\/p>\n","protected":false},"author":56,"featured_media":80260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,834,32],"tags":[5392,326,17821,16105],"class_list":["post-80250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-binance","category-crypto-exchange-news","tag-cryptocurrency-2","tag-binance","tag-binance-bnb-coin","tag-bnb-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Binance-Applauds-BNB-Price-Hitting-700-With-ATH.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/80250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=80250"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/80250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/80260"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=80250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=80250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=80250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}