Binance Coin [BNB] has been picking up speed recently amid reports of a potential early release for former Binance CEO Changpeng Zhao (CZ).
As per Forbes, CZ might see an earlier release by two days due to the original release date falling on a weekend. A spokesperson from Binance expressed happiness about CZ reuniting with his family soon.
Having spent two months in a low-security prison in California, CZ was later transferred to a temporary facility where he had supervised outings.
On his release day, CZ opted not to give interviews, but the market expects his return to have a positive impact on BNB’s performance.
With the anticipation surrounding CZ’s release, BNB has started to recover from the market downturn experienced last month. At the latest check, BNB had surged by more than 11%, trading at $604.
The trading volume has also shown steady improvement, and the news of CZ’s release is anticipated to drive BNB even higher.
BNB possesses a favorable volume-to-market ratio, and being the fourth-largest cryptocurrency by market cap, it offers considerable liquidity and stability, making it an appealing investment choice.
Various signals point towards a potential uptrend, especially with the onset of the final quarter of the year in October.
Increasing Binance Dominance
Noteworthy is the rising market dominance of BNB while Ethereum’s [ETH] dominance has been on a decline, as highlighted by CryptoCrypto previously.
This shift positions BNB as one of the altcoins expected to perform strongly in the final quarter of the year, particularly post CZ’s release, given his 90% ownership in Binance.
As the overall crypto market cap excluding stablecoins expands, so does BNB’s market cap, indicating positive momentum.
An uptick in dominance usually signifies growing market interest, leading to increased buying pressure, potentially propelling BNB prices upwards in the coming months.
Profitable BNB Holders
Moreover, BNB continues to reward its investors, with the 365-day return on investment (ROI) currently standing at 2.804.
This positive ROI suggests that, typically, BNB holders are seeing profits at the present price, positioning BNB for further gains in the fourth quarter.
BNB’s profitability, coupled with CZ’s impending release, contributes to an optimistic outlook for the coin. With BNB consistently delivering returns to its holders, it remains a sound investment option.
The coin is well-prepared for the anticipated bullish trend in the forthcoming months.