BNB Could Retest All-Time High in 2024, Despite Legal Hurdles
The Essentials at a Glance
The cryptocurrency Binance Coin (BNB) could retest its all-time high in 2024. Despite ongoing uncertainties and doubts (FUD), the coin has gained an impressive 73.87% in the last 90 days. Trading volumes have surpassed the 2 billion dollar mark, indicating a possible rise towards 500 dollars. However, a rise to the previous all-time high strongly depends on demand and market sentiment.
BNB Defies Adversity
Despite legal issues that Binance, the exchange behind the development of BNB, faced in the US, BNB has shown an amazing performance. After the 4.3 billion dollar fine against Binance was settled, BNB could now gain stability without unnecessary disruptions. If this is the case, the price development could move closer to its previous all-time high (ATH). However, it is important to note that this potential forecast would not occur without setbacks or consolidations at different times.
Rising Trading Volume and Positive Indicators
The trading volume of BNB has increased. On February 25, the on-chain trading volume of Binance Coin was around 1 billion dollars. At the time of reporting, however, this value had risen to 2.12 billion dollars. This indicates that traders are actively buying and selling the coin. Should the volume continue to rise while the price climbs, BNB could head towards 500 dollars within a few weeks. In addition, the indicators show a bullish tendency.
Our Assessment
BNB could climb significantly higher in the coming weeks. Depending on market sentiment in the next quarter, the coin has the potential to approach 700 dollars. However, if the currently experienced bullish momentum wanes, it could become difficult for BNB to surpass its ATH, and the next opportunity could shift to 2025.
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Sources: Victor Olanrewaju, Ann Maria Shibu, Santiment, TradingView
| Symbol | BNB |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $615.23 |
| 24h % | -1.04 % |
| 7d % | -1.50 % |
| 30d % | 2.72 % |
| 60d % | 7.94 % |
| 1y % | 152.49 % |
| Market Cap | $89,729,934,748.00 |
| Max. Supply | 200,000,000.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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