Binance Coin (BNB) broke through the crucial $700 threshold on Wednesday, reaching an all-time high of $709, marking a nearly 13% surge over the past day, according to CoinGecko data.
With a market capitalization nearing $110 billion, BNB now surpasses prominent companies such as UBS, Dell, and Starbucks.
Despite a slower pace compared to other cryptocurrencies during the 2024 bull market, BNB’s progress was hindered by Binance’s legal troubles, particularly in jurisdictions like Nigeria, the Philippines, and the US.
Last November, Binance settled a $4.3 billion agreement with the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). Changpeng Zhao, the founder, admitted guilt to breaching US anti-money laundering laws and resigned as CEO.
While the settlement concluded protracted US investigations into Binance concerning issues like sanctions violations, uncertainty lingered until Zhao reportedly began serving his four-month sentence last weekend.
Regulatory challenges and the dominance of other cryptocurrencies have prevented BNB from keeping pace with recent gains seen in Bitcoin and Ethereum. Nonetheless, BNB surged nearly $100 in the past 24 hours.
The crypto market’s bullish momentum appears set to resume after a period of post-halving stagnation. Bitcoin reclaimed the $71,000 mark on Tuesday, with other major cryptocurrencies like Toncoin (TON), Uniswap (UNI), and Floki Inu (FLOKI) also witnessing significant gains, with FLOKI soaring by 30% in the last day.
