Binance Coin (BNB) Reaches All-Time High as Alt Season Rages On
The Binance Coin has notched a new all-time high, as activities on Binance and many of its subsidiaries have been on the rise.
While Bitcoin saw a dramatic rise last week following an endorsement from Tesla CEO Elon Musk, altcoins appear to be headlining this week’s crypto jump.
In line with several other assets, Binance Coin (BNB), the in-house token for top crypto exchange Binance, recently hit a new all-time high.
BNB to the Moon
According to data from CoinMarketCap, BNB managed to break the $49 threshold on Monday, buoyed by a 10 percent jump in its value. The asset, which is the ninth-largest in the market, eventually broke the $50 threshold this morning and is now looking to gain even higher.
BNB is the second-best performing asset in the top ten, at press time. Its 10 percent price increase trails the 18 percent greens seen in Cardano over the past 24 hours. According to price analyses, the asset had reached its previous all-time high of $47 on January 19th most likely piggybacking off the gains in several top altcoins.
However, BNB eventually retracted and dropped back to $38 two days later. That retraction provided the perfect momentum for consolidation, and the asset has now jumped once more. Moving forward, the asset’s first resistance level will be at the $50 psychological level. Additional resistance levels are located at $51.50, $52.71. $54.45. And $55.63.
On the flip side, the first support level has now shifted to $48. From there, comfort levels are pegged at $47, $46.16. And $42.24.
Binance’s Strong Week
Celebrating the win, Changpeng “CZ” Zhao, Binance’s chief executive, took to Twitter to claim that Binance had seen significant all-time highs on several matrices. For one, the exchange’s Smart Chain subsidiary, which allows staking for BNB and smart contracts development, appears to have hit a new milestone in adoption.
Recently, PancakeSwap, a yield farming and automated market maker on the Binance Chain announced that it had hit $500 million in total assets locked. Binance’s main exchange also saw an influx of users recently, so much so that it had to halt withdrawals due to increased traffic.
Like many crypto exchanges, Binance was affected last week as retail investors flooded the market to purchase units of DOGE following an almost 300 percent price jump. Binance.US, its American exchange, announced that it had suspended DOGE withdrawals for maintenance purposes, adding that its leading global exchange had experienced a larger issue with withdrawals across the board.
Still, with all of these milestones, it’s little wonder that BNB is hitting a new all-time high and posting better performances than several other large-cap cryptos. For now, it’s a good time to be in the Binance community.