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Key takeaways
- $BNB surged by over 4% in the last 24 hours to hit a new all-time high of $882.
- Binance’s native coin could rally to the $1k psychological level in the medium term.
Binance’s $BNB hits a new all-time high
The cryptocurrency market performed positively on Wednesday following two days of steady decline. Bitcoin bounced back to trade above $114k after dropping to the $111k level earlier this week.
Ether, the leading altcoin by market cap, defended its price around the $4,100 support zone and is now trading around $4,300 per coin. However, $BNB, Binance’s native coin, stole the headlines after hitting a new all-time high.
$BNB added 4% to its value in the last 24 hours and hit a new all-time high price of $882 four hours ago. The positive performance shows $BNB’s resilience during the recent market correction, as the coin didn’t record huge losses. This allowed it to immediately bounce back and hit a new all-time high. The new milestone also showcases Binance’s status as the leading cryptocurrency exchange in the world in terms of trading volume, as its $BNB coin continues to gain adoption.
$BNB’s rally also comes as Bitcoin’s dominance, measuring the largest crypto’s market share in the total market capitalization of digital assets, is on the brink of making a fresh six-month low. The declining Bitcoin dominance signals that smaller, riskier tokens are taking leadership in market gains, with analysts now suggesting that the altcoin season is here.
$BNB eyes $1k as bulls regain control
The $BNB/USD 4-hour chart is bullish and efficient thanks to $BNB’s recent record high. With efficiency gained, $BNB could be getting ready for another leg up. The technical indicators suggest that the bulls are also in control of the market.
The RSI of 59 shows that $BNB is not yet in the overbought region and has room for growth. The MACD lines are also within the positive territory, suggesting a bullish momentum.
$BNB/USD 4H chart">
At press time, $BNB is trading at $862, down 2% from its all-time high. If the rally continues, $BNB could surge to the $900 mark over the next few hours or days. An extended bullish trend could see $BNB test the $1k level for the first time in its history.