BNB rises on CZ’s release news, signaling bullish momentum for Q4.
- Former CEO of Binance is set for release two days earlier. BNB dominance and 365D ROI pointing a bullish outlook.
Binance Coin [BNB] has been gaining momentum recently following news about the potential early release of former Binance CEO Changpeng Zhao (CZ).
According to Forbes, CZ may be released two days earlier than scheduled due to the release date falling on a weekend. A Binance spokesperson expressed joy that CZ will soon reunite with his family.
After spending two months in a minimum-security prison in California, CZ was moved to a temporary shelter. There, he had supervised outings.
CZ declined interviews on his release day, but his return is expected to boost BNB’s market performance.
Following the anticipation of CZ’s release, BNB has begun recovering from last month’s market downturn. As of press time, BNB had risen by over 11%, trading at $604.
The trading volume has also been improving steadily, and the announcement of CZ’s release is expected to push BNB even higher.
Source: CoinMarketCap
BNB’s volume-to-market ratio is favorable, and its position as the fourth-largest cryptocurrency by market cap provides ample liquidity and stability, making it an attractive investment option.
Several indicators point to a potential uptrend, especially as the final quarter of the year begins in October.
Binance dominance on the rise
Notably, BNB’s market dominance has been increasing, while Ethereum’s [ETH] dominance has been declining, as AMBCrypto earlier noted.
This shift positions BNB as one of the altcoins poised for strong performance in the final quarter of the year, especially following CZ’s release, given his 90% stake in Binance.
Source: IntoTheCryptoverse
As the total crypto market cap excluding stablecoins grows, BNB’s market cap rises as well, signaling positive momentum.
A rise in dominance often indicates growing market interest, which increases buy pressure. This could potentially push BNB prices higher in the coming months.
BNB holders in profit
Finally, BNB continues to reward its investors, with the 365-day return on investment (ROI) standing at 2.804 as of today.
This positive ROI suggests that, on average, BNB holders are seeing profits at the current price, positioning BNB for further gains in the fourth quarter.
Source: IntoTheCryptoverse
BNB’s profitability, along with CZ’s release, contributes to a positive outlook for the coin. With BNB consistently generating returns for its holders, it remains a solid investment choice.
The coin is well-positioned for the expected bullish momentum in the upcoming months.
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