As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed numerous bull runs and bear markets, and I must say that the recent surge in BNB price has caught my attention. The 16% rally over the last month, including a 1.6% increase in the last 24 hours, is indeed intriguing.
Over the past month, the value of BNB has surged by approximately 16%, with a further 1.6% rise observed within the last day. This surge in BNB’s price can be attributed to several factors, including the crypto market’s general uptick following President Trump’s rally in Butler, Pennsylvania on Sunday. During this event, Elon Musk expressed his support by stating ‘Dark MAGA.’ However, it’s also important to consider other potential influences contributing to the rise in Binance Coin’s price.
Why is the BNB Price Rising?
For approximately the past six months (210 days), Binance coin has been moving within a confinement area, which might not be favorable for BNB investors during market surges. However, this consolidation period proved beneficial during crypto market downturns, notably on August 5 and September 6. Here are some potential explanations for the recent increase in Binance Coin price, and there’s a possibility of a significant jump to around $1,076.
1. Centralized Exchanges (CEX) Coins Outperformed the Market
Over the last week, I’ve noticed a significant surge in my investments tied to centralized exchanges outperforming other sectors within the crypto market. As per data from Artemis Analytics, the centralized exchange sector has seen a remarkable growth of 6.1% over the past seven days. Interestingly, the Artificial Intelligence (AI) sector hasn’t been far behind, recording a gain of 4%.
As the biggest cryptocurrency exchange globally, Binance Coin is well-positioned to reap significant benefits from the industry’s expansion. It’s worth noting that the primary driver of BNB‘s price increase throughout the years has been the exchange itself, rather than the Binance Smart Chain.
2. Binance Ecosystem Sees $3M Net Inflow
Based on Artemis Analytics’ findings, there has been a significant increase of funds flowing into the Binance system during the last week. Approximately $3 million has been directed towards the Binance Smart Chain (BSC), placing it among the top 7 ecosystems experiencing the highest volume inflows in the past seven days.
Approximately $2.2 million of the total net inflows amounting to $2.8 million originated from the Ethereum network, indicating that investors are shifting their investments from Ethereum to Binance Smart Chain, along with other platforms. This potential shift in investor preference might be a reflection of the market sentiment favoring Binance Smart Chain over Ethereum.
Can Binance Coin Price Reach $1000?
BNB coin price grew most during bull runs when the Binance Exchange received most of its users.
In 2017, the price of the BNB coin skyrocketed from $0.9 to an impressive $25 during the bull run. Similarly, in 2021, its value jumped from $6.8 to a staggering $670. If future bull markets follow this trend, it’s possible that the price of BNB could reach as high as $1,000 or even more by 2025.
It seems like the price of BNB is forming a ‘bull flag’ pattern. This prolonged period of sideways movement suggests a strong potential for a significant surge in price once it breaks out.
If the price of Binance Coin doesn’t increase beyond its current level, there’s a possibility it might fall to the $500 support point. If selling activity continues, the Binance Coin could decrease further to around $350 and possibly even drop down to $200.
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2024-10-07 18:00