The BNB crypto is soaring: Towards conquering $600 in a whirlwind of success.

End of turbulence for Binance’s cryptocurrency? Judging by recent developments, BNB seems to have regained some color. Yet, marked by unprecedented challenges, the year 2023 had left it drained.

BNB Soars to New Heights: The $600 Quest

We are so back ! pic.twitter.com/xneHHRpsgn

— David Prinçay (@davidprincay) March 10, 2024

Binance, entangled in a series of scandals last year (lawsuit against the US SEC, a record fine of 4 billion dollars, the forced departure of Changpeng Zhao (CZ), etc.), seems to be finally out of trouble. The optimal conditions for the revival of the largest crypto exchange platform and its cryptocurrency BNB were met as early as mid-January. The prospect of a rapid recovery for Binance Coin was suggested in the third week of February.

Recently, Crypto Intelligence described a phoenix-like resurrection for Binance’s flagship cryptocurrency.

BNB reached its highest level in two years amid market optimism, sparking heated debates among traders. With an impressive increase of 64% in 30 days, Binance’s cryptocurrency peaked at $536.50 on March 10th.

This dramatic rise consolidates its position as the third cryptocurrency in terms of market capitalization, excluding stablecoins. Speculators are now questioning whether the imminent crossing of the symbolic $600 threshold is on the horizon, prophesying a new era of prosperity for BNB.

Binance’s Robustness in the Spotlight: A Bulwark Against Failings of Rival Crypto Exchanges

The recent surge in cryptocurrency trading volume has highlighted issues faced by several major platforms, with Coinbase in the lead, struggling with repeated outages. Outcries are substantial, particularly from investors like @Rampage_Calls and Vijay Boyapati, likening Coinbase’s liquidity issues to the fall of MtGox. Boyapati’s call to action sheds light on the crucial importance of a reliable exchange infrastructure, an area where Binance excels with its robust system.

This has undoubtedly attracted users, bolstered by incentives such as reduced trading fees. However, the value of BNB goes beyond these aspects, its chain ecosystem being an essential asset. Despite a decline in smart contract deposits on the BNB Chain, the volume of DApps has increased significantly, evidencing growing user engagement. With 5.6 million active addresses, the BNB Chain demonstrates solid community involvement.

Questions About the Sustainability of This Rally

The recent rally of BNB raises questions about its sustainability. Investors have long been skeptical about Binance Coin, notably after the legal troubles of its founder, Changpeng “CZ” Zhao. His decision to step down as CEO cast doubts on the future of BNB cryptocurrency, closely tied to the Binance ecosystem.

However, the settlement between Binance and the US CFTC in December 2023, demanding better corporate governance, has alleviated some fears.