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As BTC buyers consolidate to regain the bullish momentum for the next rally above $100,000, the Altcoin industry (led by Ripple Labs XRP, Binance Coin (BNB) and Tron (TRX)) has seen significant progress. The TOTAL3 excluding BTC and ETH has reached a new all-time high (ATH) of around $1.14 trillion, hinting at the much-anticipated Altcoin season.
In the past 24 hours, the BNB price has surged over 15% to a new high of around $771.60, before retracing to around $750 in the early Asian session on Wednesday. Thus, BNB has broken out of the multi-year resistance zone between $697 and $725, entering the much-awaited discovery phase within the macro bullish cycle.
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The Evolving Binance Ecosystem
The Binance ecosystem has evolved into a major web3 project, with dozens of DeFi projects. This large-cap Altcoin has a fully diluted valuation of around $107 billion, with a daily trading volume surging 100% to around $5.2 billion.
Over the years, the Binance ecosystem has become a vibrant online community for developers and investors. As of this report, the Total Value Locked (TVL) on the Binance Smart Chain (BSC) is around $5.57 billion, and the stablecoin market cap exceeds $6 billion.
However, the Binance exchange has seen the most significant growth in stablecoin inflows across various chains recently. With over 240 million global registered users and the mainstream adoption of BNB, the Binance exchange is poised to become a trillion-dollar company.
The Medium-Term Targets for BNB
After successfully breaking to new highs, BNB's price is now poised to reclaim its previous fourth-largest market cap position. From a technical analysis perspective, BNB's price target is now at least $1,000, the next crucial psychological milestone, which will pave the way for the parabolic rally in the coming months.
However, BNB's price must continue to close above the $725 resistance level to confirm the successful breakout of the bullish trend. Additionally, the weekly Relative Strength Index (RSI) has attempted to break above the 70% threshold for the first time since the beginning of this year.
