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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Dec 17, 2024 08:46 UTC
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Why Binance Coin (BNB) Could Be Your Best Bet this Crypto Bull Run
Ethereum's price surge has ignited a broader altcoin rally, with large-cap altcoins like BNB and SOL leading the charge.
Bitcoin's dominance is waning, favoring altcoin dominance and increased price fluctuations.
The pro-crypto political climate in the US, particularly the election of a crypto-friendly President, has further boosted the altcoin market.
Ethereum (ETH) has skyrocketed past $4,000 in the past 24 hours, sparking renewed excitement across the altcoin market. This surge has many wondering: is a new bull run on the horizon for the entire altcoin space? With large-cap altcoins like Binance Coin (BNB) and Solana (SOL) already testing their 2021 all-time highs, the market is showing signs of a major shift.
But there’s more at play here than just Ethereum’s price movement — a deeper trend is unfolding.
At the same time, Bitcoin dominance is showing signs of decline on the weekly chart. This shift is expected to speed up the movement of funds from Bitcoin into altcoins. Many analysts believe that after Bitcoin’s strong performance in the past two years, altcoins are likely to outperform Bitcoin in 2025.
SOL and BNB: Key Market PLayers
Following last month’s victory of pro-crypto US President Donald Trump, most of the projects majorly traded around the region experienced a sharp uptick in demand. For example, Ripple Labs’ XRP surged more than 5X to almost retest its all-time high, thus climbing to the third most valuable crypto asset by market cap.
Solana has also seen impressive growth, recently revisiting its all-time high of over $250. This move pushed BNB out of the fourth position for a time.
However, the situation is shifting again. In the past week, BNB outperformed other large-cap altcoins, gaining 4% to trade at around $715. In comparison, Solana and Dogecoin experienced small drops, around 1%.
What’s Boosting BNB?
As a result, BNB has overtaken Solana to become the fifth-largest crypto by market cap, now valued at approximately $104.7 billion. This rise in BNB’s price is closely tied to the success of the Binance ecosystem, which includes the Binance Smart Chain (BSC) and the Binance exchange.
- Also Read :
- Litecoin & XRP Trades Within a Decessive Phase: Here’s When the XRP & LTC Prices May Breakout
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Recent data shows the Binance ecosystem is thriving, with the BSC network holding a total value locked (TVL) of $5.8 billion and a stablecoins valuation of around $6.6 billion. With over 1 million active addresses in the past 24 hours, BSC continues to play a key role in BNB’s ongoing rise.
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