BNB (BNB) price is heating up again after a four-day correction that saw it lose 16% of its value. BNB climbed from a low of $500 on March 20 to an intra-day high of $539. At the time of writing, the price was hovering around $550, up 5% over the last 24 hours, according to data from CoinMarketCap.
BNB/USD daily chart. Source: TradingView
BNB’s performance has been bullish over the last month. The layer 1 token has soared 50% over the last 30 days and 61% in March alone to reach $645 on March 16, its highest value since November 2021. This rally brought BNB within 7% reach of its all-time high of $690 reached on May 10, 2021.
This has left many traders wondering whether the BNB price will return to its all-time highs. Let’s look at the factors that could potentially bolster BNB higher.
Binance exchange leads in trading volumes
Binance crypto exchange appears to be holding on to its market share even after regulatory challenges in the United States and abroad marred its operations. After a wild legal ride in 2022 that ended with the former Binance CEO Changpeng Zhao stepping down and a $4.3 billion fine for the exchange, Binance has recovered its trading volume market share.
Data from CCData shows that Binance’s market share continued to rise since October 2023, climbing for the fifth consecutive month to more than 40%.
Binance spot trading share. Source: CCData
This is corroborated by data from CoinGecko, which shows that the total 24-hour trading volume on all crypto exchanges at $178 billion, with Binance accounting for $41.7 billion of this on March 20. ByBit comes in second place, contributing only $7.5 billion, and OKX is in third place with $6.5 billion.
BNB Smart Chain is seeing increased activity
Just as the exchange has overcome the negative branding impact of its regulatory challenges, the exchange’s BNB Smart Chain (BSC) is also “making a comeback of its own,” according to K33 Research.
David Zimmerman, a DeFi analyst at K33 Research, says BNB’s “price action has led to more activity on-chain, and there is life once more on BSC.”
Independent analyst and X user Kyledoops spotted BNB price…
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