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Binance Coin (BNB) Soars 17% to Coast to ATH, Key Reasons
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The market may be moving to the side, as some altcoins among the top 10 most capitalized cryptocurrencies are making stealth moves today. One of them is Binance Coin (BNB), the native token of the Binance cryptocurrency exchange. In a sudden turnaround, the currency has just tested again reached its all-time high (ATH) and set a new one at $711.56.
Binance Coin’s Unusual Journey
For Binance Coin, the journey is simply remarkable. From trading at an all-time low (ATL) of $0.09611 about seven years ago, the coin surpassed $671 on May 16, 2021. After this rally, it fell back to a low of $169 as crypto winter was strong and forced many HODLers to give up their coins.
One thing, however, sets BNB apart: its strong utility on Binance and the BNB Chain ecosystem. With sustained relevance, Binance Coin moved into the top 10 altcoins list and remained in this position for over a year. BNB coin is 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 12.05% in the last 24 hours and over 17% for the week, trading at $704.69. The pace it established serves as a testament to the return of the alternate season.
Toncoin joins the ride
While Binance Coin reached a new high to reach a new ATH, Toncoin is also another top 10 asset that retested its all-time high today, a move driven by its ecosystem whales. After rising as much as 10% the previous day, TON reached an all-time high of $7.78 before returning to its current level of $7.48.
With BNB and TON setting the pace, it remains to be seen which altcoin in the top 10 will be next to break its ATH this bull season.
About the author
Godofredo Benjamin
Godfrey Benjamin is an experienced cryptojournalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coiningape, among others.