Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has hit a new all-time high of $774. This marks a significant achievement as the market’s focus shifts from Bitcoin to altcoins including BNB and XRP, both showing impressive gains.
BNB has surged almost 25% in two weeks following its prolonged consolidation phase. This jump signifies a capital shift towards Binance Coin, with increased buying demand boosting market confidence. Year-to-date, BNB's value has climbed 235%, overcoming initial setbacks mainly due to regulatory challenges faced by Binance.
With Binance’s hopeful future amidst changing US regulatory landscapes, including the departure of the SEC chair Gary Gensler, optimism grows. Focus also turns towards the evolving exchange-traded fund (ETF) market. BNB's market cap has crossed $112 billion, reflecting increased trading volumes and positioning it closer to reaching the $800 landmark.
Investors are advised to watch critical levels, particularly the $660 support, crucial for maintaining momentum. Analyst Ali Martinez has underscored this, predicting BNB could reach $1,630 if these levels are sustained. Consolidation around current prices will be key for further growth.
