Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has entered a new price discovery phase, hitting an all-time high of $774 late Tuesday. This milestone reflects a shift in the cryptocurrency market’s focus from Bitcoin to altcoins like BNB and XRP, which have shown impressive price moves in the past 48 hours.
After a consolidation period from September to early November between $430 and $600, BNB has surged nearly 25% in the past two weeks. Its breakout above $658 indicates increased buying demand and renewed market confidence. Year-to-date, BNB has gained 235%, bouncing back from a significant downturn earlier in 2023 when it fell to around $203 due to regulatory challenges for Binance and the departure of its former CEO, Changpeng Zhao. Optimism has returned, especially with expected regulatory changes under the incoming Donald Trump administration in 2025 and the upcoming departure of the SEC chair Gary Gensler.
BNB’s market cap has grown along with its price, reaching over $112 billion after a recent 17% increase. Trading volume has also risen 14% in the last 24 hours to over $5 billion. These developments have driven BNB closer to $800. However, investor behavior like profit-taking and maintaining key support levels will be vital for its future path.
Crypto analyst Ali Martinez noted that a weekly close above $662 could set BNB up for a move towards $1,630. Binance Coin closed the past week just above this mark at $663, suggesting a potential 110% surge in the coming months. For BNB to keep its positive outlook, it’s essential to consolidate around current trading levels, especially near the $660 support zone, which is crucial for sustaining momentum and enabling future gains.
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