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Binance Coin Leads Market Uptrend, Is BNB Out of Woods?

Wed, 06/14/2023 - 08:06
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Godfrey Benjamin
Binance coin is only profitable altcoin in top 20 cryptocurrencies by market cap
Binance Coin Leads Market Uptrend, Is BNB Out of Woods?
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Binance coin (BNB), the native digital currency of the Binance exchange ecosystem, is recording its first major price uptick since it was tagged a security by the United States Securities and Exchange Commission (SEC). Over the past 24 hours, BNB has jumped by more than 6% to lead the altcoin uptrend in a market that is fast sliding into the bear zone.

Trading at a price of $248, BNB has significantly pared off the losses it accrued over the past week, where it has traded as low as $227.9. BNB now appears to be the only standout cryptocurrency with significant gains among the top 20 digital currencies by market capitalization.

BNB/USD 1D Chart
BNB/USD 1D Chart. Source: CoinMarketCap

The sentiment fueling the growth of the altcoin may stem from the refusal of the court to grant the SEC the right to freeze the account of the trading platform's U.S. entity, as it initially intended to do. This verdict is considered the first major win for the exchange over the market regulator, and it is largely building sentiment in the community.

Binance Coin has remained a high flier on the market and has been able to sustain its position as fourth largest digital currency.

Binance's Future Is in Jeopardy, Former SEC Official Says

Is BNB finally out of the woods?

The current growth of BNB has marked a promising turnaround for the digital currency following the SEC crackdown. With the coin slipping to its lowest level in months and recovering, it might be safe to say the bottom has finally set in, but the current market outlook can introduce an element of uncertainty even in the near term.

With Bitcoin (BTC) trading at a loss of 1.2% in the past 24 hours, and coindicted tokens like Cardano (ADA) and Solana (SOL) down 2.12% and 1.73%, respectively, a reversal of the gains might be certain if these bearish trends are not cleared soon.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.