Binance Coin (BNB) is making waves in the crypto market as it surges over 10% since the Sunday trading session began. This performance by BNB comes just 2 days after ex-Binance CEO Changpeng Zhao, famously known as ‘CZ’, conducted a poll about whether BNB Chain should try to eliminate or aggressively reduce the MEV issues the chain is facing.
As per the poll results, most individuals advocated for addressing the MEV issues with 93.9% voting in favor. On the other hand, 6.1% of the participants wanted the MEV issues left alone. However, according to CZ it’s difficult to put a complete stop to MEV in the DeFi world, but it could be reduced.
Maximal Extractable Value (MEV) is the profit miners and validators gain through ordering, censoring or inserting transactions in a block. If Binance chain’s MEV issues are left unaddressed, they can result in systemic consensus-layer vulnerabilities. Reducing the MEV means mitigating the vulnerabilities and creating a better ecosystem.
Binance Coin (BNB) Pumps Over 10% On the Day
On the day, BNB has expressed an impressive performance. Based on data on TradingView, the coin is trading at $637. This price signifies a 10.10% surge in the day. As seen on the chart below, the price of BNB moved from $610.8 to $648.7 before pulling back to the current price.
The $648 price acts as a major resistance and $610.8 as a strong support. BNB’s RSI stands at 34.82 nearing the oversold level at 30 and the value suggests that Binance Coin is set to rebound to a higher price. However, the price may consolidate before making another attempt to breakout.
Binance coin’s sudden price increase demonstrates heightened buying pressure in the market. A bull market may progress if bulls push beyond the $648 resistance mark, the new target will be around the $660 price mark.
Altseason Set to Kick In According to Top Analysts
According to crypto analyst Ali Martinez, the recent pump in BNB’s price could signify the start of the Altseason. Ali Martinez in particular wrote, “$BNB is pumping!!! Should we expect the same with other altcoins? Altseason, is that you?”
$BNB is pumping!!! Should we expect the same with other altcoins? Altseason, is that you? pic.twitter.com/qevii4NB9z
— Ali (@ali_charts) February 8, 2025
Additionally, another top analyst Crypto Rover has predicted that Altseason is around the corner. He based his prediction on the peaking Bitcoin Dominance. He shared, “The Bitcoin peak has never occurred when $BTC.D peaked. Altcoin season is coming. Get ready.”
Will ETH and XRP Follow Suit After BNB’s Pump?
The data on Coinmarketcap shows that ETH has only made a slight 1.67% increase in the day. The second-largest coin by market capitalization is currently trading at $2,667.47.
ETH has recorded a drop of 47.54% in trading volume in the last 24 hours and currently stands at $15.11 Billion. The market capitalization stands at $321.52 Billion mirroring a similar increase same as the price.
On the other hand, the price of XRP currently sits at $2.47 indicating a 2.29% hike in the day. The trading volume over the last 24 hours has dropped the same as that of ETH and marks a 54.06% decline. XRP’s trading volume now stands at $3.83 Billion.
With 57.76 coins in circulation, XRP has a market capitalization of $142.52 Billion. Despite showing potential for a price surge, the two coins ETH and XRP are nowhere near BNB which has had a remarkable surge today. However, market participants will keep an eye on the general crypto market to see whether the Altcoins will sustain their performance against BTC.
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