Ethereum (ETH) has surpassed the $4,000 mark once again, sparking renewed interest in altcoins. Major altcoins like Binance Coin (BNB) and Solana (SOL) have already started showing signs of an upward trend.
Return of Binance Coin
Following the election of pro-crypto US President Donald Trump, many major projects, including Ripple Labs, experienced a sharp increase in demand. XRP surged more than 5 times, nearly reaching its all-time high. Solana's price also surged significantly over the past two years, exceeding $250, which ousted BNB from the fourth position. However, over the past week, BNB's price rose by 4% to $715, while Solana and Dogecoin fell by 1%.
Influencing Factors
The rise of BNB is linked to the success of the Binance ecosystem, including the BSC Chain and Binance exchange. According to the latest data, the total value locked in the BSC network is about $5.8 billion, with a stablecoin valuation of around $6.6 billion. With over 1 million active addresses in the last 24 hours, the BSC chain is a major player in BNB's upward trend.
Bitcoin and Altcoins
Bitcoin's dominance in the weekly timeframe shows a downward trend, facilitating cash rotation to altcoins. By 2025, altcoins are expected to outperform Bitcoin, following its dominance in the previous two years.
Ethereum has acted as a catalyst for a new bull market in altcoins, including BNB and SOL. The decreasing dominance of Bitcoin presents growth opportunities within the altcoin sector.
