BNB hits all-time high amid bullish momentum
Binance Coin rallies 25%, breaking resistance at $658
Binance Coin (BNB) has reached a new peak, soaring to $775 as bullish momentum propels the cryptocurrency forward. With a 16% increase in the past 24 hours, BNB has captured the attention of market participants, fueling speculation about a potential rally toward the $1,000 mark in the coming weeks.
This milestone underscores a broader trend in the cryptocurrency market, where investor focus has shifted from Bitcoin (BTC) to alternative cryptocurrencies such as BNB, TRX, and XRP. Over the past 48 hours, these altcoins have shown significant price growth, drawing the interest of traders.
A breakout after prolonged consolidation
For several weeks, BNB traded within a narrow range of $430 to $600, consolidating from September to early November, according to NewsBTC. However, a sharp 25% increase over the past two weeks pushed the token past critical resistance levels. Its breakout above $658 signaled strong buying demand and restored market confidence.
This rally is part of a broader capital rotation within the crypto space, with investors increasingly looking beyond Bitcoin to altcoins. This shift has contributed to BNB’s impressive year-to-date return of 235%, despite significant challenges earlier in 2023.
Overcoming challenges
Earlier this year, BNB faced a steep decline to $203, largely driven by regulatory challenges surrounding Binance. These included allegations of money laundering and the resignation of its former CEO, Changpeng Zhao (CZ). Optimism has since returned, fueled in part by anticipated regulatory changes under the next U.S. administration in 2025.
Market performance and future prospects
According to CoinGecko data, BNB’s market capitalization has reached $110 billion. Trading volumes have risen by 14% in the past 24 hours, exceeding $5.5 billion.
Crypto analyst Ali Martinez recently stated on his X account that if BNB closes above $662 on the weekly chart, the token could rise to $1,630. Such a move would represent a 110% increase from its current level, marking a significant milestone for the cryptocurrency.
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Traders target the $1,000 mark
As BNB closed last week slightly above $663, traders are closely monitoring its performance. Continued bullish momentum could push Binance Coin past the $1,000 threshold, solidifying its position as a leading altcoin and boosting confidence in the cryptocurrency market.
Highlighting the shifting focus toward altcoins, well-known trader Peter Brandt has hinted at a potential Litecoin (LTC) surge to $420, further emphasizing the growing interest in non-Bitcoin digital assets.
