One Cryptocurrency Token Just Hits Its Record High
The crypto coin BNB from Binance is now close to its all-time high after setting a new record that has made huge waves in the industry.
BNB (BNB) just passed its all-time high to set a new record, achieving a high of $720.67 (BNB/USD).
That coin is not the only one to get close to a new record high, as Bitcoin (BTC) and Ethereum (ETH) are both approaching those milestones. It is BNB that set a new record today, though, and that should bring more interest to the coin and help it surge even higher.
The token climbed 17.88% since yesterday and yet has a lower trade volume than yesterday, down by about 20%. The Binance Exchange’s legal troubles have hurt the coin for the past couple of years, especially after its CEO pled guilty of breaking the law.
Despite those issues, the coin has been bullish for much of the year, putting distance between the legal woes of the parent company and the value of the crypto token.
Is this as high as Binance’s coin can go, or does it have more potential for growth?
Where Can BNB Go from Here?
The BNB price corrected slightly after the all-time high was achieved, with the coin dropping to $707 and looking like it might fall further. Trade volume is declining too, but these small corrections are expected when a new record is achieved.
They do not necessarily demonstrate that a coin is no longer going to keep climbing. It is normal for some investors to sell once a coin hits a record high. But the renewed public interest that the record brings to BNB could help propel it much higher very soon.
BNB could be in an overbuying zone right now, where investors start to set back and see what the coin does before making further investments. More likely is the possibility that BNB will climb a bit higher in the next few days, setting a new record. That could be due to new investors checking it out as well as positive public sentiment from spot ether ETFs getting approved in the United States by the SEC. Public sentiment is with the crypto market at this time, and that could translate to more record highs soon for BNB.
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