BNB (BNB), the native token of the Binance ecosystem, has recently achieved a new all-time high (ATH) of $792, marking a significant milestone in its performance. This surge includes a remarkable 20% daily gain, which helped BNB overtake Solana as the 5th largest cryptocurrency by market capitalization.
The cryptocurrency market has seen a substantial influx of capital into altcoins, with BNB benefiting from this trend. The token's strong fundamentals and its association with Binance, the world's largest and one of the best cryptocurrency exchanges, have made it an attractive option for investors during this altcoin season.
Other top crypto gainers in the past 24 hours include Tron, which gained a whopping 58%, Apecoin (+26%), and Monero (+23%).
Is $1,000 within reach?
Given BNB's current momentum and the factors driving its growth, reaching the $1,000 mark appears not only possible but almost likely.
For one, Bitcoin significantly underperformed the market today, showing just 1.2% gains during this writing. This could be an indication that the current crypto rally is slowly transitioning from a Bitcoin-driven market to the so-called altcoin season, a period of market activity when cryptocurrencies other than BTC are responsible for most of the action.
BTC dominance has started to drop, potentially indicating the start of an “altseason”, which could benefit BNB and other altcoins.
In fact, BTC dominance has already started shrinking over the past couple of days, dropping from a yearly high of roughly 60% in November to about 53% right now. For context, when the last bull run ended toward the end of 2022, BTC dominance stood at just 39%. In other words, we are a long way off from the historical altcoin to Bitcoin levels that marked the end of the last bull market.
According to our BNB price prediction, the $1,000 price target will be reached, but not as soon as many predict. The algorithm forecasts that BNB will surpass the four-figure mark for the very first time in its history in February.
Please note that you should take these predictions with a huge grain of salt. While we believe that our predictions capture the general price trend well, the timeline is often off by days or even longer. In the end, the markets are notoriously unpredictable.
However, there are clear indications that the altseason might be upon us. Not to mention BNB and other large gainers, what gives the most credence to this claim – at least in my opinion – are the coins that have been mostly dormant for the past couple of years and have recently started pumping for no apparent reason other than the overwhelmingly bullish investor sentiment.
Just look at some of today’s top movers: NEO, BTT, ETC, and EOS. And there are plenty more examples. None of these projects have announced anything substantial for a long time, yet they are up more than 100 to 300% in the past month alone.
If my assumptions are correct, then BNB is bound to hit $1,000 as long as the current market trend continues. To learn more about other altcoins that might benefit from the rally, check our list of smaller-cap altcoins with strong potential.
