The recent climb of Ethereum (ETH) beyond the $4,000 mark in the last 24 hours has invigorated the altcoin market, sparking hopes for a significant bull run. This positive trend is not just isolated to Ethereum; major altcoins like Binance Coin (BNB) and Solana (SOL) are also showing signs of entering a macro bull phase after revisiting their 2021 all-time highs. The altcoin market is buzzing with optimism, as Bitcoin’s dominance in the weekly timeframe appears to be waning. This shift is anticipated to further fuel the rotation of crypto investments from Bitcoin to altcoins. Experts predict that by 2025, the altcoin sector will outperform Bitcoin, which has been the frontrunner in the crypto bull market for the past two years.
The Return of Binance Coin (BNB)
In the wake of last month’s election victory by pro-crypto US President Donald Trump, cryptocurrencies across the board have witnessed a renewed demand surge. Ripple Labs’ XRP, for instance, has skyrocketed over five times its value, nearly reaching its all-time high and securing its position as the third most valuable crypto asset by market capitalization. Solana, too, has experienced a remarkable ascent over the past two years, challenging its ATH above $250. Although BNB fell behind in recent months, being displaced to a lower rank, the tide is shifting in its favor.
Currently, BNB is gaining momentum, surpassing other large-cap altcoins. Over the past week, BNB has appreciated by 4%, trading at approximately $715 as of this writing. In contrast, Solana and Dogecoin have seen slight declines of about 1% in the same timeframe. This growth has allowed BNB to overtake SOL, positioning it as the fifth-largest cryptocurrency with a market capitalization of roughly $104.7 billion.
Influencing Factors
The upward trajectory of BNB can be attributed to the robust performance of the Binance ecosystem, particularly the Binance Smart Chain (BSC) and the Binance exchange platform. The latest market data reveals that the BSC network boasts a total value locked (TVL) of approximately $5.8 billion and stablecoins valued at around $6.6 billion. With more than 1 million active addresses in the past 24 hours, the BSC chain is playing a crucial role in BNB’s rise, solidifying its influence in the cryptocurrency market.
As the cryptocurrency landscape continues to evolve, the interplay between Ethereum’s rise and the performance of altcoins like BNB and SOL will be pivotal. Investors and enthusiasts alike are keeping a keen eye on these developments, anticipating further shifts in market dynamics.
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