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Binance Coin (BNB) surged past the $700 key level on Wednesday, establishing a new record high of $709, a gain of nearly 13% in the last 24 hours, according to data from CoinGecko.
The market capitalization of BNB has approached $110 billion, putting it ahead of major firms like UBS, Dell, and Starbucks.
BNB lagged behind other cryptos during the 2024 bull run, likely due to Binance’s legal issues. The company faces challenges in numerous jurisdictions, including Nigeria, Philippines, and the US.
In November last year, Binance reached a $4.3 billion settlement with the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). Changpeng Zhao, the company’s founder, pleaded guilty to violating US anti-money laundering laws and stepped down as CEO.
The deal ended long-running US investigations into Binance over issues like sanctions violations. However, it appeared that the dust had not completely settled until Zhao reportedly started serving his four-month term last weekend.
Regulatory problems and the dominance of other crypto assets have kept BNB from mirroring Bitcoin and Ethereum’s recent gains. Despite past challenges, BNB has surged nearly $100 in the past day.
The bullish momentum seems ready to resume in the crypto market after a period of stagnation post-halving. Bitcoin (BTC) reclaimed the $71,000 mark on Tuesday. Other major cryptocurrencies like Toncoin (TON), Uniswap (UNI), and Floki Inu (FLOKI) also experienced major gains, with FLOKI skyrocketing by 30% in the last 24 hours.
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