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Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has officially entered a new phase of price discovery, recently hitting an all-time high of $774 on Tuesday evening.
This milestone reflects a broader trend in the cryptocurrency market, where focus has shifted from Bitcoin (BTC) to altcoins like BNB and XRP, both of which demonstrated impressive price movements over the past 48 hours.
235% gain in BNB price since the start of the year
After a prolonged period of consolidation between $430 and $600 from September to early November, BNB has surged almost 25% in the last two weeks alone.
This increase is part of a turnover of capital within the market, attracting investor interest towards cryptocurrencies such as Binance Coin. The token’s breakout above the critical resistance level of $658 marks a pivotal moment, indicating increased buying demand and renewed market confidence.
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Year-to-date, BNB has made remarkable gains of 235%, especially after a significant slowdown in early 2023 when the token fell to around $203.
This decline was largely attributed to the regulatory challenges faced by Binance, including money laundering accusations leveled against the company and its former CEO, Changpeng Zhao (CZ), which ultimately led to CZ’s resignation.
Although trading volumes As the stock market fell in response, optimism resurfaced, especially with regulatory changes expected under Donald Trump’s new administration in 2025.
Additionally, current Securities and Exchange Commission (SEC) Chairman Gary Gensler recently announced his departure effective January 20, coinciding with Donald Trump’s presidential inauguration.
This could pave the way not only for an additional injection of capital into Binance Coin, but also open up a range of new investment vehicles such as the booming crypto exchange-traded fund (ETF) market led by Bitcoin and Ethereum ( ETH).
Key Levels to Watch as Binance Coin Nears $800
BNB market capitalization surged alongside its price, reaching around $93 billion before the recent 17% price increase, which pushed its market cap to over $112 billion.
This price action was accompanied by a notable increase in trading volume, which increased by 14% in the last 24 hours, totaling just over $5 billion, according to CoinGecko. data.
These developments contributed to a strong uptrend, positioning BNB closer to the $800 mark. However, investor behavior, particularly potential profit-taking, and the maintenance of key support levels will be crucial in determining the future trajectory of the token.
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Crypto analyst Ali Martinez previously highlighted a critical price level, suggesting that a weekly close above $662 could set BNB up for a significant move towards $1,630.
Interestingly, Binance Coin closed last week just above this mark at $663, implying a further rise of around 110%, which would represent a major milestone for the token in the coming months. .
For BNB to maintain this optimistic outlookIt will be essential for the token to consolidate around current trading levels, especially near the latest demand zone at $660.
Although this support level is below the current price of $773, it remains a crucial area to maintain momentum and facilitate Binance Coin’s potential future gains.
Featured image of DALL-E, chart by TradingView.com
