Despite Bitcoin‘s struggle to reclaim the $70,000 mark, hovering around $69,900, prominent altcoins have demonstrated resilience and are experiencing an upsurge. Binance Coin (BNB) and Avalanche (AVAX) are among the significant alternative cryptocurrencies that have recently made gains, defying the slow momentum of Bitcoin.
BNB Coin’s Bullish Performance
Backed by Binance, the world’s leading exchange by volume, BNB Coin has surged past the $600 level, not once retracing to its 2017 peak prices. After overcoming speculation of a decline below $100 following the SEC’s legal actions against Binance last year, BNB Coin now trades near its zenith, having peaked at $645 and inching close to its record high of $691.8. A brief dip to $527 exhibited strong buying interest, signaling a robust bullish presence. At the time of reporting, BNB has slightly receded to $618 after a recent breakout above $633, with potential to regain momentum towards its all-time high. Should BNB falter and drop below the $527 threshold, a downward trend to $485 might ensue.
AVAX’s Bullish Breakout
In parallel, AVAX welcomed Asian market participants with a $58.2 price tag, initiating a belated but anticipated climb, bolstered by a strong stance at the $50 breakout level. With Bitcoin’s fluctuations not deterring AVAX bulls, steadfast efforts continue to propel the digital asset past critical resistance points. Assuming AVAX can hold above $59, prospects for reaching $87 and potentially $100 remain on the horizon. Conversely, should it falter below $50, the price could regress to the $40 range.
Altcoin investors are closely monitoring these developments as they could signal broader market trends. The resilience of altcoins like BNB and AVAX against Bitcoin’s sluggish price action suggests a diversifying market with independent dynamics.