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- Binance Coin (BNB) is on a bullish ride, having jumped 9% in 24 hours to extend its yearly gains.
- The growth of the BNB Chain and broader ecosystem initiative points to a likely sustained uptrend.
Binance Coin (BNB) has defied market expectations with a rapid 9% rally, standing out as one of the top gainers among the top 10 cryptocurrencies.
This remarkable rally comes hot on the heels of a challenging period for BNB. The token faced an approximate 8% dip following the departure of Changpeng ‘CZ’ Zhao, the former CEO of Binance, as part of a settlement deal with the United States Department of Justice (DOJ).
Despite these setbacks, Binance Coin has demonstrated resilience, currently standing as the 4th largest cryptocurrency, trading at $250.31, according to the latest available data. The coin boasts a market capitalization exceeding $37.9 billion and a daily trading volume surpassing $1.5 billion, representing an impressive 81.36% increase in the past 24 hours.
From a technical standpoint, BNB’s trajectory appears more bullish than bearish, though the price needs to consolidate above the crucial $250 zone for a sustained upward movement. The recent surge indicates positive momentum, and market observers are keenly watching to see if BNB can establish a stronghold above this key level.
As highlighted in a previous report by the Crypto News Flash, BNB started 2023 at $246.33 and swiftly crossed the $300 mark within the first month. The coin continued its upward trajectory until June when it started facing headwinds due to regulatory uncertainty in the latter part of the year. By late November, BNB had dropped to $227.34, down by 8.35% from its starting value at the beginning of the year.
Looking Ahead: Binance Coin Price Predictions for 2024
Looking ahead, market analysts offer divergent views on BNB’s future performance. If the uncertain uptick persists, predictions indicate it may hit a trading price of $352.46 in 2024. However, a more optimistic scenario envisions a bullish turnaround, with Binance Coin likely to reach $408.87 by the end of 2024, contingent on the restoration of trust following any major legal challenges faced by Binance.
One of the key factors contributing to BNB’s resilience and potential for future growth is the BNB Chain, a community-driven blockchain ecosystem designed to eliminate barriers to Web3 adoption.
Powered by BNB, the ecosystem includes the world’s largest L1 blockchain, the EVM-compatible BNB Smart Chain, and it fosters a multi-chain environment with BNB Greenfield and opBNB. The BNB Chain ecosystem, with its ultra-low gas fees and superior Transactions Per Second (TPS), hosts thousands of Decentralized Applications (dApps) spanning, metaverse, gaming, SocialFi, and Non-Fungible Tokens (NFTs).
In a recent development, BNB Chain introduced its Daily Active Users (DAU) Incentive Program, designed to support projects building on it. The program offers rewards of up to $200,000 in BNB tokens per month, targeting projects that have launched within the last six months and have an average of 10 DAUs in the 7 days before applying.
This initiative aims to boost exposure and DAU for BSC projects, providing an additional layer of support for the growing ecosystem with a potential long-term rub-off on price.
