As an analyst with a background in cryptocurrency and experience following the market closely, I have observed Binance Coin’s (BNB) relatively quiet performance during the 2024 bull run compared to other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). However, recent developments have put BNB back in the spotlight.
During the 2024 bull market, the native cryptocurrency of the world’s largest exchange had taken a backseat but eventually surged ahead, reaching over $700 and setting a new record high.
The market capitalization of the company has experienced significant growth, reaching over $100 billion and outpacing corporations such as UBS, Dell, and Starbucks.
Binance, the cryptocurrency exchange, has found itself embroiled in legal disputes in various regions, with the ongoing and prominent conflict being with Nigerian officials. Executive representatives of a local affiliate have been apprehended, and efforts to secure their release have not yielded favorable results as of now.
At the close of last year, Binance suffered a significant setback when it reached a $4.3 billion settlement agreement with the US Department of Justice, without acknowledging any wrongdoing concerning the lack of adequate anti-money laundering measures in place.
As a crypto investor, I’ve come across some troubling news about Binance, the cryptocurrency exchange I’ve been following. The platform’s founder and former CEO, Changpeng Zhao, faced some serious allegations. Unfortunately, he had to step down from his role, and later on, was convicted to serve several months in a US prison.
In the midst of regulatory uncertainties, Binance Coin didn’t manage to shine like Bitcoin did in March when it reached its new 2021 record high, or similar to Ethereum which gained prominence following the US Securities and Exchange Commission’s approval of spot Ethereum ETFs.
The recent surge in popularity for established and emerging meme coins has overshadowed attention towards Binance Coin during this bull market.
In the last day or two, there’s been a significant shift for the fourth largest cryptocurrency, as its value surged by almost $100 from $625 to a record-breaking peak of $715 in today’s market.
Although BNB has dipped slightly since then, it currently hovers around $700 and boasts a market capitalization nearly reaching $110 billion.
In contrast to these established companies such as UBS, State Bank of India, Dell, Hitachi, Starbucks, and Airbnb, Binance Coin (BNB) has managed to exceed their market capitalizations.
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2024-06-05 09:20