After the global cryptocurrency markets have rebounded and after Bitcoin went up to the mark of $71,000, it is time for Binance Coin (BNB) to shine. As of the time of writing this on June 5, 2024, the price of BNB has arrived at its peak of $711. Higher than $625, it has gone more than 4 times to reach a figure of 56. 26, However, it stayed well over $700 for over a year before facing a stagnation period.
The surge prompts curiosity: But what is at the origin of this phenomenon and this superb rise? It is time to review the factors that can be attributed to the Binance coin’s rise to stardom.
Deciphering BNB’s Impact: Unraveling Market Swings
At the moment, the token known as BNB stands at $708. 82, up 12. That rose to 81% in the last 24 hours, though the rate has decreased slightly from the peak of $711. 56 but a weekly and monthly growth of 18 percent, respectively. 17% and 21. 64%, respectively.
For the three months to March, it registered a trading volume of $4 within the 24-hour period. As of today, Binance Coin has a current supply of $104 and a total supply of approximately 2 billion tokens. $9. More than $76 billion, making it the fourth largest digital currency on the market, as valued by CoinMarketCap.
Wrap-Up: How to Read the Latest BNB Rally
The price of BNB reached its Peak at $711. 54, due to several reasons such as more interactions on Binance platforms, the integration with new partners, the growth of trading volume, options trading, the Trading Volume Incentive Programme, and the usage of BNB Chain MEV solutions were also important factors for the growth.
This is because as the price and investors start coming into the cryptocurrency everyone in the Crypto community start anticipating the next level of the BNB and the next level is above $1000.
