Is The Cost Clear For A New ATH?
As the crypto market rallies, Bitcoin continues to hit ATH after ATH, and altcoins’ prices keep regaining the levels of the previous bullish run. BNB has not been the exception; it surged over 13.7% in the last 24 hours and is near a crucial support level that could propel the token even higher during this cycle.
The price increase could be attributed to market dynamics and BTC’s performance. However, the recent announcement of ether.fi (ETHFI)’s introduction to the Binance Launchpool also seems to fuel the price since it will allow users to farm ETHFI by staking their BNB.: This one goes to ATH easily and this was kind of obvious IMO. Expecting some sort of small pullback before all time highs but I think it breaks it soundly in the next few months — Altcoin Sherpa (@AltcoinSherpa)Crypto analyst Altcoin Sherpa shared his forecast for the token as the price was nearing $600. The analyst considers that, given the current BNB’s performances, the path to the previous ATH level is clear: “This one goes to ATH easily, and this was kind of obvious IMO.”
In the post, the analyst shared a chart that displays BNB’s performance since its ATH of $686.3, which is currently only 13.51% away. The token has registered mostly green candles every week since 2024 and only weekly green candles since February.
BNB Price Performance
Despite the recent legal scrutiny faced by Binance, BNB has been able to sustain its recovery path. According to the crypto hedge fund Split Capital, the token has more than $50 billion in market capitalization since the exchange settled with the Department of Justice (DOJ) for $4 billion in November.BNB’s market cap of $91.22 billion represents a 10% increase in the last 24 hours. By this metric, the token is the fourth largest cryptocurrency in the market. Similarly, its trading volume significantly increased by 50% on the last day.
Earlier today, the price reached $599.8, just cents away from hitting the $600 price range, according to CoinMarketCap data. At the time of writing, BNB has been trading at $595.6, a price surge of 38.6% in the last seven days.BNB is trading at $595.6 in the 4-hour chart. Source: BNBUSDT on