Binance Coin (BNB) Outperforms Top Cryptocurrencies with 58% Increase – A Hidden Winner?

Binance Coin (BNB) has firmly made its mark in 2024, with a year-on-year increase of more than 58% since the end of February. Market analyst Linda Zheng emphasizes that BNB thereby leaves most top cryptocurrencies in terms of market capitalization behind, although it remains just below Bitcoin’s impressive 70% growth in the same period. What makes BNB so special, and can this trend continue? Let’s unravel Zheng’s analysis and the figures.

BNB Shines After Bitcoin ETFs

In an extensive X-thread on Tuesday, Zheng pointed to a striking fact: since the launch of spot Bitcoin ETFs on January 11, 2024, BNB has risen by 161%, compared to Bitcoin’s 133%. Both coins hit record highs – BNB at $788 and BTC at $108,780 – but BNB provided investors with a higher return. “If there’s a myth that surpasses Bitcoin, then BNB is a hidden winner,” Zheng stated. This growth underscores BNB’s resilience, even amidst market storms.

Resilience in Bear and Bull Cycles

Zheng explains that BNB distinguishes itself by its resistance to selling pressure in both bear and bull markets. During the bear market of 2021-2022, BNB fell by 73.29%, less than Bitcoin (77.32%) and Ethereum (81.68%). Moreover, BNB recovered faster: in 237 days it stabilized its downward trend, while Bitcoin took 517 days. In the bull run of 2024, BNB withstood tests such as the GBTC sell-off, the Fed’s hard line, and Mt. Gox repayments better than competitors like Ethereum and Solana. Even in the liquidity crisis of August 2024, BNB limited its loss to 18.40% – more than Bitcoin’s 15.70%, but much milder than Ethereum’s ongoing decline. Zheng says the following:

“BNB is more than transactional ‘fuel’. It’s the only top-10 token with deflationary characteristics, which elevates its scarce value above Bitcoin.”

Current Status and Future

Currently, BNB is consolidating around $590-$669, with strong support at $625 and resistance at $669, according to TradingView. The 9-day EMA ($653) forms a short-term hurdle, while the 200-day EMA ($625) provides a solid base. The MACD hints at bearish momentum on the daily chart, but lower timeframes suggest a reversal in the coming weeks. Traders can scalp between $635 and $655 (stop-loss below $625), or try breakout strategies: long above $670 towards $700, or short below $620 to $600. Intraday players can keep an eye on the 9-day EMA for quick trades.

BNB is in a “neutral but bullish” phase. A dip below $625 would signal bearish pressure, but a recapture of $670 opens the way to $700+.