Altcoin
Binance Celebrates As BNB Price Soars Past $700 With ATH, Here’s Why
The Binance Coin (BNB) price has surged past the $700 mark, reaching an all-time high. This milestone comes amid a flurry of on-chain activity and growing network usage. Moreover, Binance, the popular crypto exchange that backs BNB, has expressed optimism toward the achievement.
Why Is Binance Coin Price Surging?
According to data from BscScan a significant uptick has been noted in BEP-20 token transfers. This involves an increase from 6.62 million on May 19 to 10.29 million by June 3. Moreover, the 56% surge in daily token transfers suggests a robust demand for the BNB network, highlighting its expanding utility and adoption.
The increase in daily token transfers is a clear indicator of the network’s growing traction. Hence, such a spike typically signifies heightened user engagement and transaction volumes, bolstering the bullish sentiment surrounding BNB. Additionally, the BscScan BNB Smart Chain Unique Addresses chart underscores this growth.
The metric, which counts each active address only once per day, has shown a consistent average increase of 150,000 unique addresses daily. Furthermore, this steady rise points to more users and new capital flowing into the BNB Smart Chain, further supporting the positive outlook.
However, despite these bullish signals, technical analysis suggested caution earlier. Should BNB break the upward trendline of its current triangle pattern and close below $500, the market sentiment could shift to bearish. This potential shift could trigger a 9% decline, targeting the 50% Fibonacci retracement support level at $454.
On the contrary, the recent surge beyond $700 slashes the chances such bearish trend in the short-term. If the BNB price sustains above $700, a crash can be averted. Moreover, further rally could be witnessed owing to the soaring influx into the BNB chain.
Also Read: Best BNB Coins To Invest In 2024
BNB Price Soars Past $700
The BNB price failed to above $700 in today’s trading session, however, the daily gains exceeded 11%. At the time of writing, the Binance Coin price rallied 11.37% to $697.26 on Wednesday, June 5. Whilst, the prominent crypto exchange’s crypto boasted a market capitalization of $102.91 billion.
Furthermore, the 24-hour trading volume for BNB skyrocketed 85.53% to $4.35 billion. In addition, the BNB price attained a fresh all-time high of $712.59 amid the recent rally. Thereafter, Binance celebrated this milestone on X.
In a post on X, the exchange wrote, “BNB reached over $700, hitting a new ATH!” Additionally, Binance Africa also hailed the latest achievement as a “historic” one.
Also Read: Binance Coin (BNB) Price Hits All-Time High: What’s Happening?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.
Cardano Price Can Still Clinch $1 Despite Price Slump
Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.
ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.
For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.
“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”
While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.
A Slew Of Positives For ADA
Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.
Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.
While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst CasiTrades has provided a roadmap for the XRP price, revealing what could happen before the altcoin reaches a new all-time high (ATH). Based on her analysis, XRP could still witness a price decline before it potentially rallies past its current ATH of $3.4.
XRP Price Could Drop To $1.9 Before Rally To New Highs
In an X post, CasiTrades stated that in the event of a deeper flush, the XRP price could wick down to $1.90, suggesting that the altcoin could visit this low before it rallies to new highs. She believes XRP will ideally hold above this $1.90 and avoid dropping to new lows.
The crypto expert noted that the next move is critical. She claimed that if XRP gets that flush with bullish RSI divergence, it could mark the bottom before the altcoin rockets into Wave 3. However, CasiTrades warned that a break below $1.90 could force a reset of the entire new trend count.
Meanwhile, there is still the possibility that the XRP price might not drop to as low as $1.90. CasiTrades stated that $1.95 is the prime target, with subwaves heavily aligning there and a drop to $1.90 only likely to occur in the event of a deeper flush.
It is worth mentioning that US President Donald Trump recently announced reciprocal tariffs on all countries, a move which is set to ignite a global trade war and is bearish for XRP and the broader crypto market. As such, this development could be what sparks the deeper flush and send the altcoin to as low as $1.90.
A Drop To $1.4 Is Also The Cards
In an X post, crypto analyst Brandon asserted that the XRP price is about to have a massive breakout, to the downside. His accompanying chart showed that XRP could drop to as low as $1.4.
On the other hand, crypto analysts such as Ali Martinez have provided a bullish outlook for the XRP price. In an X post, he stated that XRP could be setting up for a rebound. The analyst further remarked that the altcoin is holding above $2 while the TD Sequential flashes a buy signal.
Crypto analyst Javon Marks also recently predicted that Ripple’s coin could surge 44x and reach as high as $99. He alluded to the 2017 bull run as the reason why he is confident that the altcoin could record such a parabolic rally.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu price is on a strong bearish trend, with price indicators recording losses in all time frames. The highly popular meme token now threatens to add an additional zero to its value if the current bear run continues for much longer. Even with Shibarium, SHIB’s layer-2, reaching the milestone of 1 billion transactions recently, the token’s price has not responded positively to this milestone.
Falling Shiba Inu Price Affects Holder Profitability
According to current data, SHIB is down 4.6% in the past 24 hours, 14.7% over seven days and a substantial 54.9% over the past year.
The current context for the SHIB price appears tough for the majority of investors. Based on on-chain analytics, 62% of SHIB investors are at the moment in a loss, while merely 34% are in profit and 4% are breaking even as per IntoTheBlock data.
SHIB has fallen 85.9% from its all-time high of $0.00008616 on October 28, 2021, over three years ago. This extended period of decline has made many of the investors who bought during the bull run in 2021 underwater on their holdings.
The token reflects a high ownership concentration with 74% of SHIB owned by major holders. The concentration may be behind price volatility. This is due to the fact that the moves by the large holders tend to have disproportionate impacts on the market. Major volume trading in the last week has hit $184.02 million which indicates sustained activity even as the price goes down.
Shibarium Milestone Fails To Reverse Trend
Despite Shiba Inu’s layer-2 scaling solution, Shibarium recently achieved a major milestone of 1 billion transactions. However, this accomplishment has not translated into positive price action for SHIB. This disconnect between ecosystem development and token price shows the current market’s focus on overall trends rather than project-specific achievements.
Shibarium is a key component of the Shiba Inu ecosystem that focuses on reducing transaction fees, increasing processing speed, and enabling more advanced applications within the SHIB ecosystem.
The continued negative price action despite reaching such a substantial transaction milestone raises questions about what catalysts might eventually reverse SHIB’s downward trend.
Will Shiba Inu Token Burns Aid In Price Pump?
The Shiba Inu community has historically highlighted token burns as one possible method of driving scarcity and price support. Recent burn behavior has been spotty and inadequate to have any real effect on the enormous Shiba Inu token supply.
After a recent spike in burn rate of more than 12,000%, the last 24 hours have seen the burn rate decline by 60%. During this period, only 37.6 million SHIB tokens were removed from circulation as per Shibburn data.
Token burns continue to be a mainstay narrative among the SHIB community. However, the volume of burning has to rise in order to have an effect on the token’s supply that can be measured. The 17.88% hike in trading volume in the last 24 hours to $311.14 million gives some indications of market action. This potentially could be being driven by the larger holders stockpiling at lower prices.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano Price Can Clinch $1 As It Eyes Bounce From New Support Zone
Binance Faces Community Backlash and Boycott Calls
Stellar (XLM) Falls 5% as Bearish Signals Strengthen
Why ETF Issuers are Buying Bitcoin Despite Recession Fears
Solana (SOL) Crashes 11%—Is More Pain Ahead?
Expert Reveals XRP Price Could Drop To $1.90 Before Rally To New Highs
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market20 hours agoCardano (ADA) Downtrend Deepens—Is a Rebound Possible?
-
Altcoin24 hours agoBinance Sidelines Pi Network Again In Vote To List Initiative, Here’s All
-
Altcoin21 hours agoAnalyst Forecasts 250% Dogecoin Price Rally If This Level Holds
-
Market19 hours agoEthereum Price Recovery Stalls—Bears Keep Price Below $2K
-
Market24 hours agoXRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
-
Market21 hours agoXRP Price Under Pressure—New Lows Signal More Trouble Ahead
-
Market16 hours agoIP Token Price Surges, but Weak Demand Hints at Reversal
-
Ethereum15 hours agoEthereum Trading In ‘No Man’s Land’, Breakout A ‘Matter Of Time’?
✓ Share: