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Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has officially entered a new phase of price discovery, recently reaching an all-time high of $774 late Tuesday.
This significant milestone reflects a broader trend in the cryptocurrency market, as interest has shifted from Bitcoin (BTC) to… Alternative currencies Like BNB and XRP, both of which have shown amazing price movements over the past 48 hours.
BNB price has gained 235% year-to-date
After a long consolidation period between $430 and $600 from September to early November, BNB has risen by almost 25% in just the past two weeks.
This increase is part of the capital turnover within the market, which attracts investor interest towards cryptocurrencies such as Binance coin. The token’s break above the critical $658 resistance level represents a pivotal moment, signaling increased buying demand and renewed market confidence.
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Year-to-date, BNB has made notable gains of 235%, especially after a major downturn earlier in 2023 when the token fell to around $203.
This decline was largely attributed to the regulatory challenges faced by Binance, including money laundering charges against the company and its former CEO, Changpeng Zhao (CZ), which eventually led to CZ stepping down.
Although Trading volumes With the stock market falling in response, optimism has resurfaced, especially with regulatory changes expected under the next administration of Donald Trump in 2025.
Additionally, the current Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, recently announced his departure effective January 20, coinciding with the inauguration of Donald Trump as President.
This could pave the way for not only further capital infusion into Binance Coin, but also open up a host of new investment vehicles such as the cryptocurrency exchange-traded fund (ETF) market led by Bitcoin and Ethereum (ETH).
Key levels to watch as Binance Coin approaches $800
BNB Market value It rose along with its price, reaching nearly $93 billion before a recent 17% price increase pushed its market value to over $112 billion.
This price action was accompanied by a notable increase in trading volume, which rose 14% over the past 24 hours, bringing its total to just over $5 billion, according to CoinGecko. Data.
These developments have contributed to a strong upward trend, bringing BNB closer to the $800 level. However, investor behavior, especially potential profit taking and maintenance of key support levels will be crucial in determining the token’s path moving forward.
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Former cryptocurrency analyst Ali Martinez Highlight A critical price point, suggesting that a weekly close above $662 could set up BNB for a big move towards $1,630.
Interestingly, Binance Coin closed last week just above this mark at $663, meaning an additional rally of almost 110%, which will mark a major milestone for the token in the coming months.
For BNB to maintain this Optimistic outlookIt will be necessary for the symbol to consolidate around current trading levels, especially near the recent demand area at $660.
Although this support level is below the current price of $773, it remains a crucial area to maintain momentum and facilitate potential future gains for Binance Coin.
Featured image of DALL-E, chart from TradingView.com