BNB Surges 18% to Reach All-Time High of $774
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has entered a new price discovery phase, recently reaching an all-time high of $774. This milestone reflects a broader trend in the cryptocurrency market, shifting attention from Bitcoin (BTC) to altcoins like BNB and XRP, both of which have shown significant price movements over the past 48 hours.
BNB Price’s 235% Year-to-Date Gain
After a consolidation period between $430 and $600 from September to early November, BNB has surged nearly 25% in just two weeks. This increase is part of capital rotation within the market, drawing investor interest toward cryptocurrencies such as Binance Coin. The breakout above the resistance level of $658 indicates increased buying demand and renewed market confidence.
Year-to-date, BNB has gained 235%, following a downturn earlier in 2023 when it fell to around $203 due to regulatory challenges faced by Binance, including money laundering charges against the company and its former CEO, Changpeng Zhao (CZ). Although trading volumes on the exchange dropped, optimism has resurfaced with anticipated regulatory changes under the incoming administration of Donald Trump in 2025. The departure of SEC chair Gary Gensler on January 20 coincides with Trump's inauguration, potentially facilitating further capital injection into Binance Coin and opening new investment vehicles, such as crypto exchange-traded funds (ETFs).
Key Levels To Watch As Binance Coin Approaches $800
BNB’s market cap has surged, reaching approximately $93 billion before a recent 17% price increase pushed it to over $112 billion. This price action has been accompanied by a 14% increase in trading volume in the last 24 hours, totaling over $5 billion, according to CoinGecko data.
These developments contribute to a strong upward trend, positioning BNB closer to the $800 milestone. Investor behavior, particularly profit-taking and maintenance of key support levels, will be crucial in determining the token's trajectory. Crypto analyst Ali Martinez noted that a weekly close above $662 could set BNB up for a significant move towards $1,630. BNB closed the past week just above this mark at $663, implying a potential surge of approximately 110% in the coming months.
To maintain an optimistic outlook, BNB must consolidate around current trading levels, especially near the last demand zone at $660. This support level, although below the current price of $773, remains crucial for sustaining momentum and enabling potential future gains for Binance Coin.
Featured image from DALL-E, chart from TradingView.com