The cryptocurrency market has experienced fluctuating price movements over the past week, largely attributed to the impact of a potential spot Bitcoin ETF. Amidst these fluctuations, Binance Coin (BNB), the native token of the Binance exchange, has maintained a relatively stable price. Despite minor changes in the last 24 hours, a key metric has caught the attention of investors.
In the hourly timeframe, Binance Coin’s price remained stable at $311, with a modest 24-hour increase of 0.68%. Despite the market downturns last week, BNB’s price has stayed strong, maintaining its position above the $300 mark.
Even within the bearish market, BNB seems to continue its upward trend. The Relative Strength Index (RSI) remains above 50, indicating a strong bullish sentiment. However, a closer look at the price reveals that BNB has experienced a decrease in the last 48 hours.
At the time of writing, BNB is trading at $311, reflecting a 0.68% increase, yet failing to reach the previous day’s level. The previous day’s decline was less than 1%, with BNB trading at $315. Additionally, the 24-hour trading volume has seen a 14% increase, exceeding $1 billion, while the market capitalization has slightly dropped by 0.67% to approximately $46.5 billion.
Despite facing significant regulatory challenges with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), Binance Coin has recovered from its dip and solidified its position as the fourth-largest asset by market value according to CoinMarketCap data.