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Key Notes
The total BNB futures Open Interest (OI) surged over 39% today, signaling rising demand from investors.The Binance ecosystem has registered a sharp uptick in on-chain activity amid bullish sentiment.After consolidating below the 2021 peak for the past eight months, Binance Coin BNB $772.0 24h volatility: 18.7% Market cap: $112.61 B Vol. 24h: $6.47 B rallied to a new all-time high (ATH) earlier today. The large-cap altcoin, with a fully diluted valuation of about $111 billion and a daily average traded volume of over $6 billion, surged over 17% in the past 24 hours to trade about $765 on Wednesday, December 4, during the mid-London session.
The native coin in the Binance ecosystem signaled the onset of a new parabolic rally in the near term. Furthermore, the weekly Relative Strength Index (RSI) is on the cusp of a rally above the 70% milestone for the first time since earlier this year.
As a result, the much-anticipated altseason has kickstarted, with more gains expected to happen in the coming months. With Bitcoin BTC $96 990 24h volatility: 1.8% Market cap: $1.92 T Vol. 24h: $92.55 B price consolidating below $100K, the TOTAL3 market cap, which excludes Ethereum ETH $3 719 24h volatility: 3.2% Market cap: $448.04 B Vol. 24h: $45.81 B , surged to a new all-time high of over $1.1 trillion earlier today.
Major Factors Fueling Bullish Sentiment on BNB Price
The recent rise of BNB price to a new all-time high was largely driven by cumulative bullish sentiments in the past few months. Since the recent release of former Binance CEO Changpeng Zhao (CZ) from US prison, the bullish sentiment on BNB has significantly improved.
According to on-chain data analysis, Binance has registered the highest stablecoins inflows in the past few weeks fueled by whale investors seeking to capitalize on potential altseason. Furthermore, Binance has the largest community of globally registered users, amounting to more than 240 million.
The BSC network has registered a significant growth of its Web3 ecosystem, whereby the daily active addresses have surged to over 1.1 million users. Additionally, the network’s total value locked (TVL) has increased to more than $5.8 billion and a stablecoins market cap of about $6.14 billion.
Meanwhile, the total BNB futures Open Interest (OI) surged by more than 39% in the last 24 hours to hover about $1.5 billion. As a result, it is safe to assume that BNB price has significantly benefited from FOMO speculative trading fueled by whale investors.
Midterm Expectations
From a technical analysis standpoint, BNB’s price must consistently close above the former resistance level of about $690 in the weekly time frame to confirm a successful bullish breakout. According to crypto analyst Ali Martinez, BNB’s price is now aiming to rally beyond $1000, with a midterm target of about $1,630.
We entered $BNB earlier, but now at $740 and in price discovery, it couldn’t look better! https://t.co/Em0QuV8fIh
— Ali (@ali_charts) December 3, 2024
However, if the BNB price retraces below $609 again, the recent bullish breakout will be considered a fakeout. Nevertheless, the BNB bulls are in control and a potential drop below $700 could result in a higher buyout from FOMO traders.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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