Binance Coin (BNB) has started a new price discovery phase and reached $773 on Tuesday night. The milestone points to the fact that the larger cryptocurrency market especially the altcoins such as BNB and XRP are slowly soaking up the limelight from Bitcoin (BTC).
Binance Coin (BNB) Two-Week Surge
BNB has climbed by almost 24% in two weeks, having been range-bound between $430 and $600 since September up to early November. According to CoinMarketCap data, Binance Coin has been up by 16.35%, trading at $760.45 at the time of writing.
The price rise above the key resistance level of $658 is a crucial point for BNB. It shows that the investors are coming back and the market is on the upward trend once again. This increase comes after a year of volatility in 2023 where Binance and its CEO – Changpeng Zhao – faced regulatory crackdown that saw BNB value drop.
Regulatory Challenges and Recovery
This comes at the back of a tough year for both Binance and the cryptomarket as a whole. Earlier this year, the exchange had been under investigations by the regulators, and it was charged with money laundering. This came at the backdrop of the CEO Changpeng Zhao’s resignation following increasing governance pressure and saw BNB drop to a low of $203.
However, in the future, changes in the political environment of the United States of America are expected to strengthen the cryptocurrency market positively. Given that Donald Trump is expected to return to the White House in 2025, there is a possibility of the improvement of the regulation of cryptocurrencies, which in turn will mean more investment in such currencies as Binance Coin. In addition, the present SEC chairman, Gary Gensler, is planned to step down from his position in January 2024, which may help to decrease the level of regulatory risk.
BNB’s Market Cap Soars
With the price of Binance Coin on the rise, so has its market capitalization. In particular, prior to the current upswing, Binance Coin market capitalization had risen to around $93 billion. Due to the 16.69% rise in price, the asset’s market capitalization has finally surpassed $109.62 billion, making it one of the best-performing cryptocurrencies on the market.
The trading volumes have also picked up, rising by 113.28% within the last one day. As of the 24-hour trading volume reported by CoinMarketCap, BNB has a trading volume of more than $5.51 billion signifying high level of investor activity and improved market depth.
Predictions for BNB’s Future
The rising price of Binance Coin has now attracted the attention of cryptocurrency analysts, who expect a further increase in the price. As mentioned by analyst Ali Martinez in an X post on Nov 21 that the crucial level to consider is $662. According to Martinez, a weekly close above the level could pave way to an upside pressure towards $1,630 or 110% gain. This bold prediction comes after BNB was closing above the $663 level, which may signal a much bigger price shift in the near future.
However, BNB needs to hold certain key levels with utmost importance with a view to keeping the bullish trend alive with $660 being one of them. If the token can hold near this level, there is a possibility that the token can continue to rise further.
As of now BNB is trading close to $800, the next phase of the token will be determined by the extent to which it can hold its ground and prevent short-term profit taking by investors. With the growth of the market, Binance Coin is one of the most closely monitored cryptocurrencies.
This increase alone can be attributed to the Binance ecosystem, as well as the general state of the cryptocurrency market. Only time will tell whether Binance Coin will be able to continue this bullish run and hit the $1,000 mark in the coming months but for now Binance Coin is undoubtedly one of the most exciting assets in the crypto market.
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