Binance’s BNB Coin Surpasses $300 Mark Amidst Market Recovery
Binance Coin (BNB) has surpassed the $300 mark after its price surge over the week. The token was trading at around $274 per coin last Thursday and even threatened to fall lower as the week progressed. However, Tuesday s...
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Binance Coin (BNB) has surpassed the $300 mark after its price surge over the week. The token was trading at around $274 per coin last Thursday and even threatened to fall lower as the week progressed. However, Tuesday saw the coin recover, adding around 5% profit to trade at $289.
It has been smooth sailing from then onward for BNB as it continues to climb higher in value. As of writing this article, BNB is currently trading at $313. BNB’s $300-mark breakthrough comes at the same time popular meme coin Dogecoin adds over 90% value in a week. BNB is currently ranked the 4th largest cryptocurrency by market cap.
BNB Soars As the Overall Crypto Market RecoversThe cryptocurrency market has seen a significant recovery this October. After several bearish weeks, the entire crypto market broke through its $1 trillion market-cap barrier earlier this week. This move acted as a catalyst for many cryptocurrencies to see massive gains. One such example is Binance Coin which surged more than 5% on Tuesday alone. It continued to rise throughout the week, adding a total of 15% to its value.
Binance coin had it rough on October 6th when the entire crypto market started a correction phase. Before the start of the correction, BNB was at $296 and on the verge of testing the $300 mark. However, it never got to that point as the bears took over, pushing the coin to a one-month low of $257. BNB’s path to recovery was slow, with fluctuations in value between $266-$276.
On Tuesday, we saw BNB break out of its consolidation range. It finally broke through the $300 mark yesterday and set a new monthly high of $318 today. Now, BNB is up nearly 5% against Bitcoin, and it seems like it will continue to grow as long as the overall market recovers.
BNB’s price is currently hovering at $312. | BNBUSD price chart from TradingView.com BNB Establishes A New Benchmark Against BTCTradingView’s data reveals that the BNB/BTC exchange rate temporarily exceeded 0.15 BTC, reaching a record 0.15267 BTC. Binance’s native coin, BNB, has increased in value by almost 10% over the previous three days. The token’s strong performance followed news that it would help Twitter eliminate bots under Elon Musk’s new administration.
Binance committed $500 million to Musk’s acquisition of the social networking site. In a cryptic tweet, Binance CEO Changpeng “CZ” Zhao alluded to an interview he gave to crypto media company Decrypt. He said, “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.”
CZ then tweeted “Let’s unleash the bird” and “Crypto Twitter,” the former presumably a reply to Musk’s “the bird is freed” tweet. BNB reached a monthly high of $318.80 today, its highest level since mid-August. One more prominent cryptocurrency’s recent outperformance may also be traced back to Musk. The DOGE/USD pair touched its highest levels since April, following a price movement pattern that began with Musk’s Twitter activity. DOGE, a Musk favorite, is still awaiting a wider usage application, potentially with his help.
Featured image from Pixabay and chart from TradingView.comWhy this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
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