BNB Breaks New ATH Last Night at $788 per Coin
2024-12-05
Bittime - BNB, Binance's native token, recorded a new all-time high (ATH) last night, hitting $788.
The rise comes amid strength in the broader cryptocurrency market, which has also seen the rise of legacy altcoins tied to Ethereum and Bitcoin.
Significant BNB Price Increase
Data from CoinGecko shows that BNB jumped about 8%, surpassing the previous record set in June at $710.
These tokens are used for a variety of purposes, including trading fee discounts, transaction fees on the Binance Smart Chain, staking, participation in token sales, as well as payments, lending, and borrowing.
Rise of Other Altcoins Besides BNB
Apart from BNB, several other altcoins also experienced increases.
Ethereum Classic (ETC) and Bitcoin SV (BSV) rose 21% and 20% respectively, reaching prices of $38.37 and $82.80.
Bitcoin Cash (BCH) also performed well with a 12% gain in the last seven days, reaching $583.
Token Background
These tokens originate from Bitcoin and Ethereum hard forks, which emerged due to differences in views regarding the direction and philosophy of the projects.
This split resulted in separate networks with different protocols, driven by issues such as scalability, transaction fees, and governance.
Latest Crypto Market Analysis by Merkle Tree Capital
According to Ryan McMillin, chief investment officer at Merkle Tree Capital, the price spikes in some of these legacy tokens are more similar to the price action of meme coins.
He explained that these tokens already have recognition from previous cycles and benefit from being listed on major exchanges, which makes access easier for retail investors.
However, McMillin warned that experienced crypto investors may not “chase this surge” despite the positive momentum in the last 30 days.
He predicts that the price of this token will return to near historical averages as speculation reduces.
Golden Cross Indicates BNB Uptrend
On the BNB/USD chart, the 50-day simple moving average (SMA) indicator has crossed above the 200-day SMA, indicating positive price momentum and the formation of a golden cross.
This golden cross shows that BNB is expected to continue to experience increases both in the short and long term.
The fact that the 50-day SMA is currently above the 200-day SMA supports the view that BNB is still in the early stages of a long-term bullish trend.
The golden cross often precedes a significant price increase and is a signal for many traders to take a long position.
Thus, the market shows increasing confidence that BNB will continue to rise towards the $1,000 target in the near future.
Price Target and Future Prospects for BNB
Technical analysis shows that the price target for BNB after this breakout is around $780, with the next key resistance level around $800.
Source: TradingView
Some analysts, such as Ali from @ali_charts, even project that BNB could reach a price of $1,630 if the weekly close remains above $662.
This projection caught the attention of traders who are monitoring BNB's price performance to assess whether the token can maintain its current momentum and reach higher targets.
Read too 1 BNB to Rupiah Converter Calculator
BNB Price Projection from @ali_charts, Will it reach $1600?
Ali, a crypto analyst from @ali_charts, projects that BNB could reach a price of $1,630 if the weekly close remains above $662.
This projection caught the attention of traders who are monitoring BNB's price performance to assess whether the token can maintain its current momentum and reach higher targets.
Source: @ali_charts
With this visible bullish pattern and optimistic projections, many traders hope that BNB can continue its upward trend.
Read too Latest Crypto Price Analysis: BTC, ETH, BNB, SOL, XRP, and TON
Support from Increased BNB Trading Activity
The increase in BNB prices was also supported by a significant increase in trading activity. BNB trading volume increased by 125.30%, reaching $4.42 billion, while open interest rose 33.78% to total $1.46 billion.
Sumber: Coinglass
This increase indicates that more traders are entering the market, reflecting growing confidence in BNB's future performance.
Read too BNB Has Completed its 28th Token Burn, Totaling $971 Million BNB
Conclusion
The increase in BNB prices reaching a new ATH shows the current strength of the cryptocurrency market.
With the support of positive technical patterns and increasing interest from traders, BNB has the potential to continue this bullish trend.
FAQ
What is BNB?
BNB, or Binance Coin, is the native token issued by Binance, one of the largest cryptocurrency exchanges in the world.
Originally launched as a utility token in 2017, BNB is used to pay transaction fees on the Binance platform with discounts, participate in token sales, and for various applications in the Binance ecosystem.
Over time, BNB has developed into an asset that can be traded on various exchanges and used in various DeFi (Decentralized Finance) applications.
What is the BNB Network?
The BNB Network, previously known as Binance Smart Chain (BSC), is a blockchain platform designed to support decentralized applications (dApps) and smart contracts.
The network offers high transaction speeds and low fees, making it an attractive alternative for developers looking to build applications on top of the blockchain.
The BNB Network operates in parallel with Binance Chain, which focuses on digital asset trading, while BNB Smart Chain focuses more on the DeFi and NFT (Non-Fungible Token) ecosystem.
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Reference
Sebastian Sinclair, Binance's BNB Token Hits All-Time High as Bitcoin and Ethereum Alts Swell, Accessed December 5, 2024
Kelvin Munene Murithi, BNB Price Skyrockets To New All Time High, Rally To $1000 Near?, Accessed December 5, 2024
Author: IN
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