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- Altcoin rotation and eased regulatory pressures drive BNB to a 3-year high of $793, signaling strong investor interest.
- Increased user activity on the BNB Chain and a $1B token burn highlight confidence in Binance’s expanding ecosystem.
In line with a recent BNB price prediction discussed in a previous CNF update, it was suggested that Binance Coin (BNB) might be the safest bet in crypto right now. Binance’s BNB token soared to a session high of $793, surpassing the long-standing $700-$720 resistance level for the first time in over three years.
Although the token later settled around $730, it marked a significant 14% daily gain, outperforming Bitcoin’s modest 0.4% rise. For more insights, Binance’s year-in-review, highlighting achievements in 2024, is available in a tweet.
Your year in review is here!
Discover your achievements in #2024withBinance and celebrate with us.
Open yours now 👉 https://t.co/LJMvM1N7FW pic.twitter.com/ujmDNYksmf
— Binance (@binance) December 4, 2024
The current rally reflects a shift in investor focus from Bitcoin to altcoins, as traders seek higher returns amid Bitcoin’s stagnation below $100,000. BNB’s rise follows eased regulatory pressures on Binance. After its founder, Changpeng “CZ” Zhao, completed a U.S. prison sentence for regulatory violations, Binance bolstered its compliance efforts.
Growing Ecosystem Activity
The BNB Chain has seen a surge in user activity, with daily active addresses and transaction volumes reaching three-month highs, according to Artemis.xyz.
This development, combined with Binance’s quarterly token burn—removing 1.7 million BNB worth over $1 billion last month—has further strengthened investor confidence. As BNB powers the BNB Chain and offers utility benefits on Binance, its renewed momentum signals broader enthusiasm for altcoins amid a potential regulatory shift favoring digital assets.
According to CoinMarketCap data, BNB is currently trading at $736.73, reflecting a 6.07% daily decrease but an 11.89% weekly gain.
