🌎 Binance Coin Surges to Record High of 794

Binance Coin Reaches All-Time High of $794, Outperforming Ethereum and Bitcoin

Binance Coin (BNB) has reached a new all-time high of $794, solidifying its strong performance over the past 12 months. Compared to other major cryptocurrencies, BNB has gained 220%, surpassing Bitcoin’s 133% and Ethereum’s 71% rise during the same period.

Changpeng Zhao, founder of Binance, notes that investors often focus on short-term performance, overlooking the broader long-term gains. This sentiment is reflected in BNB’s recent price momentum, driven by its strong fundamentals and technicals.

Strong Fundamentals and Technicals

The total value locked in the Binance Smart Chain (BSC) ecosystem has jumped to almost $6 billion, making it the fourth-largest chain after Ethereum, Solana, and Tron. This growth is attributed to the surge in decentralized finance (DeFi) protocols and the ongoing crypto rally.

In the last 30 days, BSC’s protocols have handled tokens worth $9.91 billion, with a cumulative value of $1.17 trillion. Additionally, the BNB Chain has been actively burning coins, with the most recent quarterly burn removing 2.02 million coins from circulation. Binance’s long-term goal is to reduce the total Binance Coin supply to 100 million coins.

Increased Utility and Regulatory Clarity

The launch of BFUSD, a stablecoin that promises a yield of almost 20%, has created more utility for the Binance Coin. Furthermore, the resolution of regulatory concerns, including Changpeng Zhao’s completion of his prison sentence in the United States, has reduced some of the regulatory overhang affecting the coin.

Technical Analysis

The BNB price chart shows a cup and handle pattern, a popular bullish sign. With the coin moving above the upper side of this pattern, it suggests that bulls have prevailed. The distance between the upper and lower edges of the cup indicates a potential 70% rally, with a possible target of $1,170.

The Murrey Math Lines tool also supports a bullish outlook, showing that BNB has moved above the “weak, stop & reverse” level, suggesting it could advance to $875, the “extreme overshoot” level. However, a drop below the key support level at $625, identified as the “strong pivot reverse” level, would invalidate the bullish outlook.