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Highlights
- Binance Coin's resilience has placed it on a new pedestal for growth
- VanEck's BNB ETF pursuit marks a rare bullish shift for the coin this week
- Onchain statistics and ties to Binance gives it a good utility to watch
Despite the general digital assets market downturn, Binance Coin’s (BNB) price has held strong. The market outlook shows that while other coins like Bitcoin, Ethereum, and Solana have reached new lows after a recent selloff, BNB’s price has maintained its resilience. Per its price outlook and ecosystem trend, the possibility of the coin reclaiming its ATH price appears high.
BNB Price Outlook and Growth Catalyst
As of press time, CoinMarketCap data show that Binance Coin was trading at $587.96, down 2.77%. Amid the market rout, BNB’s price recovered from its low price of $579.44 to its current level. Despite the downturn, the coin’s trading volume jumped by 28.03% to $2.22 billion in the last 24 hours.
On April 1, $115 billion asset manager VanEck filed for a BNB ETF, the latest among its list of crypto ETF filings. This move helped give BNB a major headstart at the start of the month.
BNB’s recent price performance was driven by its utility within the Binance ecosystem, which is understandable given the coin’s ties to the Binance ecosystem.
According to reports, since February, BNB Chain has benefited from an increase in Total Value Locked (TVL), rising activity in decentralized finance (DeFi), and growing daily active users (DAUs) on BNB Chain.
Binance Coin Validation Amid Market Weakness
In a recent post on X, market analyst Elja shared his review of BNB’s prospects amid the ongoing market rout.
BNB’s price has decoupled from the performance of Bitcoin, Ethereum, and top altcoins. While these assets have printed new lows from their high price points, BNB remains 18% higher than that level.
As he noted, this strong performance is driven by speculation and BNB’s real utility. The coin serves as the fuel for Binance and BNB Chain. Since February, BNB Chain has experienced growth in TVL, daily active users, and DEX volumes.
Elja’s post disclosed that Binance handles 44% of global crypto trading volume. This presents a solid foundation that can power BNB’s growth.
What Next for Price?
According to the current update, the Binance Coin is at a crucial spot. In an earlier Binance Coin price analysis, analysts laid out conditions for the coin to hit a fresh ATH of $720. For this to happen, the Binance-linked asset must maintain sustained support above $600.
However, there are concerns that regulatory challenges could pose risks, and the coin may need to continue to prove its value in the Binance ecosystem.
While the future remains uncertain, BNB could reach $700 by the end of 2025 per projections. However, the possibilities around the asset leave room for surprises.
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