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The price movements in cryptocurrencies were volatile throughout the past week, which is thought to be caused by the introduction of a spot Bitcoin ETF. Amidst all this, the calm price appearance of Binance Coin (BNB), the native token of the Binance exchange, continues. Although there has been no significant price change in the last 24 hours, an important metric has not escaped the attention of investors.
Current Status of Binance Coin (BNB)
In the hourly time frame analysis of Binance Coin, the price appears to be stable at $311, with a 24-hour increase of only 0.68%. Despite the declines experienced last week, BNB has maintained a strong stance since surpassing the $300 level.
Despite the overall bear market, there seems to be a continuing upward trend for BNB. One reason for this could be the Relative Strength Index (RSI), which is above 50, indicating a strong bullish trend.
However, a deeper analysis of the price shows that BNB has experienced a price drop in the last 48 hours.
As of the time of writing, BNB is finding buyers at $311, approximately a 0.68% increase, but the price has not reached the previous day’s level. The previous day’s decline was less than 1%, and BNB was trading at $315.
On the other hand, as of the time of writing, the 24-hour trading volume saw a 14% increase to over 1 billion dollars, standing at 1.178 billion dollars. In addition, the market value was around 46.5 billion dollars, with a roughly 0.67% decrease seen in the last 24 hours.
Binance Coin Reclaims Its Peak Position
Binance had previously faced significant challenges with the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). Due to these events centered around CZ, mixed reactions had formed for the BNB token as 2023 was coming to an end.
Regulatory challenges triggered a drop in BNB’s price, causing it to temporarily lose its position to cryptocurrencies like XRP and Solana, falling out of the top five.
Following these events, according to CoinMarketCap data, BNB recovered and solidified its position as the fourth highest market capitalization asset.
