Binance Coin (BNB) has surged to an all-time high, exceeding $700.
Its market capitalization has also increased, now surpassing $100 billion and solidifying its position as the fourth-largest cryptocurrency.
This rise highlights BNB’s potential, especially considering it has been relatively stagnant during the 2024 bull run.
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The surge happened at a time when Binance, the platform behind BNB, is navigating through various legal challenges across different regions. This involves recent issues with the Nigerian authorities, where the crypto exchange’s executives have been detained, and the company’s efforts to secure their release have yet to succeed.
The most significant regulatory hurdle occurred late last year when Binance agreed to a $4.3 billion settlement with the US Department of Justice over allegations of inadequate Anti-Money Laundering practices. Following that, Binance’s founder and former CEO, Changpeng Zhao, resigned from his position and was later sentenced to four months in prison.
Throughout these regulatory challenges, Binance Coin struggled to gain momentum, unlike Bitcoin (BTC), which hit a new peak in March, or Ethereum (ETH), which saw a boost after the US Securities and Exchange Commission (SEC) approved spot Ethereum exchange-traded funds (ETFs).
The stagnancy has also been influenced by the recent memecoin craze, diverting attention from BNB.
However, over the past 24 hours, BNB has increased, jumping to a new all-time high of $711.74. Although there has been a slight pullback since reaching the peak, BNB continues to trade at around $700 at the time of writing.
While regulatory issues and competition from other digital assets have posed challenges, BNB’s market performance demonstrates its potential.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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