BNB Surges 18% To Hit Record High Close To $800: Is Further Growth On The Horizon?
04 December 2024 - 2:30PM
NEWSBTC
Binance Coin (BNB), the native cryptocurrency of the Binance
blockchain, has officially entered a new price discovery phase,
recently reaching an all-time high of $774 late Tuesday. This
significant milestone reflects a broader trend in the
cryptocurrency market, where attention has shifted from Bitcoin
(BTC) to altcoins like BNB and XRP, both of which have demonstrated
impressive price movements over the past 48 hours. BNB Price’s 235%
Year-to-Date Gain After a prolonged consolidation period between
$430 and $600 from September to early November, BNB has surged
nearly 25% in just the past two weeks. This increase is part
of a capital rotation within the market, drawing investor interest
toward cryptocurrencies such as Binance Coin. The token’s breakout
above the critical resistance level of $658 marks a pivotal moment,
indicating increased buying demand and renewed market confidence.
Related Reading: Analyst Says Dogecoin Price At $1.3-$1.5 Is Still
Possible, Here’s Why Year-to-date, BNB has delivered remarkable
gains of 235%, especially following a significant downturn earlier
in 2023 when the token fell to around $203. This decline was
largely attributed to regulatory challenges faced by Binance,
including charges of money laundering against the company and its
former CEO, Changpeng Zhao (CZ), which ultimately led to CZ
stepping down. Although trading volumes on the exchange
dropped in response, optimism has resurfaced, particularly with
anticipated regulatory changes under the incoming administration of
Donald Trump in 2025. In addition, the current US Securities and
Exchange Commission (SEC) chair Gary Gensler, has recently
announced its departure effective on January 20, coinciding with
Donald Trump’s presidential inauguration. This could pave the
way not only for further capital injection into the Binance Coin,
but also open a range of new investment vehicles such as the
surging crypto exchange-traded fund (ETF) market led by Bitcoin and
Ethereum (ETH). Key Levels To Watch As Binance Coin
Approaches $800 BNB’s market cap has surged in tandem with its
price, reaching approximately $93 billion before the recent 17%
price increase, which pushed its market cap to over $112
billion. This price action has been accompanied by a notable
increase in trading volume, which rose 14% in the last 24 hours,
totaling just over $5 billion, according to CoinGecko data. These
developments have contributed to a strong upward trend, positioning
BNB closer to the $800 milestone. However, investor behavior,
particularly potential profit-taking, and the maintenance of key
support levels will be crucial in determining the token’s
trajectory moving forward. Related Reading: Cardano Next In Line
After XRP? ADA Price Targets $4.88 In Epic Breakout Crypto analyst
Ali Martinez previously highlighted a critical price point,
suggesting that a weekly close above $662 could set BNB up for a
significant move towards $1,630. Interestingly, Binance Coin
closed the past week just above this mark at $663, which implies a
further surge of approximately 110%, which would represent a major
milestone for the token in the coming months. For BNB to maintain
this optimistic outlook, it will be essential for the token to
consolidate around current trading levels, particularly near the
last demand zone at $660. Although this support level is
below the current price of $773, it remains a crucial area for
sustaining momentum and facilitating potential future gains for
Binance Coin. Featured image from DALL-E, chart from
TradingView.com
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