Binance Coin (BNB) Surpasses $700, Setting New All-Time High

As a researcher with a background in cryptocurrency markets, I find Binance Coin’s (BNB) recent achievement of breaking through the $700 mark for the first time to be an impressive milestone. This new all-time high (ATH) of $711.56 represents a significant gain for BNB holders and investors, with prices rising by 6.08% to $703, as reported by CoinMarketCap.

As a cryptocurrency analyst, I’m excited to share that Binance Coin (BNB), the native digital currency of the Binance exchange, has reached an impressive achievement by surpassing $700 for the first time in its history. This new milestone sets a fresh all-time high for BNB.

The coin reached a new peak price of $711.56, surpassing its previous all-time high, as indicated by CoinMarketCap. Binance Coin has experienced a rise of 6.08% to currently cost $703, marking a weekly growth exceeding 17%.

Binance Coin (BNB) Surpasses $700, Setting New All-Time High

The market value of Binance Coin (BNB) trails behind that of Bitcoin (BTC-USD), Ethereum (ETH-USD), and Tether (USDT-USD), with a capitalization amounting to $104 billion.

As an analyst, I’d recast that passage as follows: Seven years prior on May 16, 2021, the coin hit rock bottom at $0.09611. Subsequently, it experienced a remarkable surge and touched a new peak of $671. However, this bullish trend was short-lived, giving way to a harsh crypto winter during which the coin plunged to a low of $169. Many long-term investors (HODLers) were compelled to sell their holdings due to the market downturn.

In spite of achieving market success, Binance encounters significant legal challenges. Lately, the company has clashed with Nigerian authorities, leading to the detention of some of its representatives. Binance is currently making every effort to secure their release, but so far, these attempts seem unsuccessful.

Towards the close of the previous year, Binance reached an agreement with the U.S. Department of Justice, forking out a $4.3 billion penalty over alleged anti-money laundering lapses without acknowledging wrongdoing. The company’s founder and CEO, Changpeng Zhao, stepped down from his position and was subsequently imprisoned in the United States for several months.

The price of Binance Coin reached a new peak, with Toncoin similarly testing its record high. This surge in value was fueled by significant purchases from whales within the respective ecosystems. TON experienced a rise of 10% to hit $7.78, but later retreated to $7.48; as of now, its price hovers around $7.24.

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2024-06-05 19:48