- BNB’s price surge surpasses $700 amid a broader market rally.
- Analysts predict Binance Coin could reach $1,000 with continued bullish momentum.
In the middle of a larger cryptocurrency market upswing, the price of BNB, the native token of the BNB Chain, just climbed over $700 for the first time ever.
As of writing, BNB was trading at $696.16, slightly down 0.33% over the previous 24 hours on CoinMarketCap but still showing a bullish 16.79% rise over the previous week.
Binance Coin’s Current Market Trends and Analysis
The price chart of BNB is “looking extremely bullish,” according to cryptocurrency analyst Sheldon The Sniper. His next big price goal for BNB is $1,000. Before a little drop, BNB had momentarily reached an all-time high over $712. Sheldon thinks there is much more upward movement in the token.
$BNB looking extremely bullish , soon to break all time high's . Then $1000 next target
Another coin to lead altcoin run pic.twitter.com/nXKaSnTrpI
— Sheldon The Sniper (@Sheldon_Sniper) June 4, 2024
Remarking on the wider market focus on Bitcoin, Ethereum, and Solana was another well-known analyst, Kaleo. As he pointed out, BNB is “entering price discovery,” meaning that the cryptocurrency is investigating new valuation levels.
According to Kaleo, BNB was a leader early in the last bull market, indicating a historical pattern that would support its present upsurge.
Insisting that “history does not always repeat itself, but it often rhymes,” Kaleo suggested that BNB’s previous success might provide insight into its future course.
The value of BNB has increased recently, not long after Binance’s founder and former CEO, Changpeng Zhao, began serving a four-month jail term in California.
Zhao entered into a guilty plea in November after failing to put in place sufficient anti-money laundering procedures at Binance in violation of the Bank Secrecy Act.
Meanwhile, as to ETHNews, a number of variables played a part in the recent increase in the price of Binance Coin to its new record. Among these are more market acceptance, calculated alliances, and ongoing attempts by Binance to grow its user base and ecosystem.