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Binance Coin (BNB) up 17% to Coast to ATH, Key Reasons Why

Wed, 5/06/2024 – 9:54

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The market might be moving sideways, as a few altcoins in the top 10 most capitalized cryptocurrencies are making stealth moves today. One of these is Binance Coin (BNB), the native token of the Binance cryptocurrency exchange. In a sudden twist, the coin has just retested its all-time high (ATH) and set a new one at $711.56.

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Unusual Binance coin journey

For Binance Coin, the journey is nothing short of remarkable. From trading at an all-time low (ATL) of $0.09611 about seven years ago, the coin breached $671 on May 16, 2021. After this rally, it plunged back to a low of $169 as the crypto winter bit hard and forced many HODLers to give up their coins.

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One thing, however, has set BNB apart, and that is its strong utility on Binance and the BNB Chain ecosystem. With sustained relevance, Binance Coin moved to the top 10 list of altcoins and has stayed in this position for more than a year. The BNB coin ranks directly below Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), with its market capitalization of $104,090,355,715.

At the time of writing, Binance Coin is up by 12.05% in the past 24 hours and by over 17% for the week to trade at $704.69. The pace it has set serves as a testament to the return of the alt season.

Toncoin joins ride

While Binance Coin has made a new record to hit a new ATH, Toncoin is also another asset in the top 10 that has retested its all-time high today, a move driven by its ecosystem whales. After soaring as high as 10% in the past day, TON touched an ATH of $7.78 before retracing back to its current level of $7.48.

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With BNB and TON setting the pace, it remains to be seen which altcoin in the top 10 will be the next to breach its ATH this bull season.

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