- Binance Coin reaches $793, signaling a shift in market attention from Bitcoin to altcoins like BNB.
- With a 21.33% surge, BNB’s market cap surpasses $113.87B, reflecting rising investor confidence.
- Analysts forecast BNB could soar to $1,630, with a key breakout above $662 potentially yielding 110% gains.
Binance Coin has been on the move and reached a new high of $793 thus shifting the dynamics in the crypto market. The increase happens at a time when other digital assets such as BNB and XRP are gaining traction and some attention that would otherwise have been paid to BTC. The 29% rise in the price within the last two weeks from $430 to $600 after a relatively calm period is a positive sign for BNB.
Source: TradingView
As of press time, CoinMarketCap showed BNB at $786.61 which is a 20.73% rise. The coin has reassumed the $658 level as the critical resistance level, which shows that investors are coming back and that the broader market is now in an uptrend. It also follows a volatile year in 2023 where Binance Coin suffered losses as Binance and its CEO Changpeng Zhao faced a lot of regulatory issues.
Binance Coin (BNB) Price Recovery
The cryptocurrency exchange Binance was accused of investigation and money laundering, and Zhao received pressure which made him resign and Binance Coin price dropped, which went as low as $203. Still, BNB has rebounded at a time when the industry is becoming slightly more optimistic.
The price surge was accompanied by a growth in BNB’s market capitalization. Before this surge, the coin’s market capitalization was at about $93 billion, and with the current 20.74% surge, it is now above $113.28 billion making it one of the best performing crypto assets. This is because trading volumes have also spiked by 113.28% in just one day with more than $6.05 billion in 24-hour volume showing high investor engagement.
Key Support Level at $660
In particular, cryptocurrency analysts are paying attention to Binance Coin, and some of them expect its price to rise further. On November 21, analyst Ali Martinez highlighted $662 price level insisting that its break through could pave the way to $1,630 which would be a 110% growth.
Source: Chart by Ali
Nevertheless, a support zone – $660 – is crucial for further upward movement in the near future. Since BNB is currently trading close to $1,000, the subsequent phase will be shaped by the asset’s capacity to keep the Bears at bay and avoid short-term profit-taking. Cryptocurrency is one of the most observed assets in the market place.
