BNB, the native token of the Binance ecosystem, has seen its price decline 0.4% over the last 24 hours to around $241. This drop comes as the crypto market remains uncertain after recent volatility. But how does BNB's price action compare to top cryptocurrency Bitcoin?

BNB Showing More Weakness Recently

While Bitcoin has seen some bearish momentum over the past 2 weeks, dropping 3.3%, BNB has posted a slightly larger loss of 1.4% over the same 14-day period.

Zooming out further, BNB has notably underperformed Bitcoin over the past month, falling 2% compared to Bitcoin's rise of 13.4%.

And over the past year, BNB has posted a loss of 7.4%, while Bitcoin has climbed 35.1% against the US dollar.

This shows that while both coins have struggled to gain upside traction recently, BNB's price action has generally been weaker than Bitcoin over the past 1-month, 3-month, and 1-year timeframes.

But BNB Outpaced Bitcoin's Gains in 2021

However, looking back to early 2021 shows a different story. From January 1 to the market peak in November 2021, BNB generated massive gains of over 1150%, dwarfing Bitcoin's more modest 300% advance over the same period.

So while BNB is seeing more bearish momentum recently, its parabolic 2021 bull run shows it can massively outperform Bitcoin during strong crypto bull markets.

BNB Reliant on Altcoin Sentiment

As a large-cap altcoin, BNB relies more heavily on overall altcoin sentiment and appetite for risk. Bitcoin, as the pioneer cryptocurrency, trades more independently from other crypto assets.

This means when altcoin sentiment is weak, BNB will likely underperform Bitcoin. But during frenzied bull markets, BNB can deliver exponential returns that vastly outweigh Bitcoin.

So for traders and investors with higher risk tolerance, BNB offers potential for spectacular gains but can see larger drawdowns during crypto bear trends. Bitcoin exhibits more modest but consistent long-term appreciation.

Is Now a Good Time to Buy the BNB Dip Near $241?

With BNB down 0.4% in the past day and showing some technical weakness recently, is now a good time to buy the dip? Dollar-cost averaging can help smooth volatility, and periods of consolidation present reasonable buying opportunities.

However, with BNB underperforming Bitcoin and the crypto market lacking clear direction currently, restraint may be prudent until a low-risk entry signal emerges. Waiting for confirmation of an uptrend or bottoming formation could lead to a higher-conviction buying opportunity.

Will Reduced Trading Fees Help BNB Recover in 2023?

To spur adoption, Binance recently reduced BNB trading fees up to 60%. This improves user incentives and transaction volume, providing fundamental support for BNB. If crypto sentiment improves into 2023, reduced fees could significantly boost BNB's utility and accelerate a recovery. However, fee reductions may be priced in already. With weak momentum versus Bitcoin, BNB may continue lagging until clear technical signs of a bullish trend return. But lower fees improve BNB's long-term investment case.