Binance Coin (BNB) Rallies 13%: On Track For New Peak

The cryptocurrency market seems to be entering another bullish leg. Bitcoin (BTC) has reclaimed the $88,000 price point after its recent descent to sub-$79,000 levels. The global crypto market cap has hit $3 trillion once again. Binance’s BNB token is also enjoying a healthy turnaround. Despite a 0.3% dip in the charts and a 1% dip in the monthly charts, BNB is making quite a recovery. The asset is up 2.5% in the weekly charts, 13.4% in the 14-day charts, and 6.4% since March 2024.

Cryptocurrencies Recover Amid Boost In Sentiment

BNB’s latest rally is likely due to Bitcoin (BTC) reclaiming the $88,000 level. BTC’s rally might have triggered a market-wide recovery.

The crypto market resurgence could be due to the SEC dropping its litigation against Ripple. The financial watchdog also recently announced that it will hold four more crypto roundtables. BNB and other crypto assets may have gotten a push from the developments.

The US announcing it will ease tariffs may have also led to a boost in investor sentiment.

Binance Coin On Its Way To A New All-Time High?

Binance’s BNB hit an all-time high of $788.84 on Dec.4 of last year. The asset’s price has fallen by nearly 20% since its peak.

According to CoinCodex, BNB may enter another bullish phase over the coming weeks. The platform anticipates the asset to continue its rally for the foreseeable future. According to CoinCodex’s estimates, BNB will breach the $1000 mark by Apr. 10. The platform predicts BNB will hit a new peak of $1610.24 on May 11. BNB’s price will rally by 154.64% if it hits the $1610.24 target. CoinCodex does not anticipate BNB’s price to hold above $1000. The platform predicts a correction soon after hitting a peak.