The price of BNB has surged by 5% over the past 24 hours and 20% over the past week, reaching over $310. As a result, BNB has displaced Solana in terms of market cap after SOL’s price decline following a recent rally.
BNB Regains Its Position Above Solana
Following a fall in Solana’s value due to increased profit-taking during the Christmas season, the market value of BNB has risen, with the native Binance coin currently trading above $310, a price not seen since June. Its market cap is currently at $47.9 billion, surpassing Solana’s $46.3 billion.
BNB’s price is displaying signs of a potential bullish run for the first time since it slumped due to the resignation of Binance founder and former CEO Changpeng Zhao last month. Additionally, the cryptocurrency came under pressure after the crypto exchange agreed to a $4.3 billion settlement with US authorities.
While Solana’s upward trend cools off, BNB bulls are aiming to retest the year-to-date levels near $350. Crypto analyst Rekt Capital highlighted on December 26 that BNB has “broken its macro downtrend,” indicating a potential bull rally.
$BNB has broken its Macro Downtrend#Binance #Crypto #BNB pic.twitter.com/PnvqNMK2QW
— Rekt Capital (@rektcapital) December 26, 2023
If the enthusiasm surrounding the potential approval for a spot Bitcoin ETF drives altcoins higher, BNB bulls could set their sights on the all-time high above $686. The current price of $311 as of December 27 is approximately 55% lower than that peak.
FAQ
What caused the surge in BNB price?
The surge in BNB price is credited to Solana’s price decline and increased profit-taking, allowing BNB to reclaim its position above Solana in terms of market cap.
How much has BNB’s price increased?
BNB’s price has jumped by 5% in the past 24 hours and 20% in the past week, trading above $310.
Summary
BNB has seen a significant surge in price, jumping 5% in the past 24 hours and 20% in the past week, trading above $310. As a result, it has overtaken Solana in terms of market cap after SOL’s price declined following a recent rally. The surge is attributed to increased profit-taking on Solana and the cryptocurrency’s potential bullish run, indicating a potential bull rally.