Despite all the legal hurdles that Binance, the cryptocurrency exchange, underwent, its native cryptocurrency performed quite well. Binance Coin (BNB) hit an all-time high of $720.67 in June 2024, when most assets were barely pocketing gains. This surprised many, considering the regulatory hurdles that the coinâs parent firm was undergoing. Now that the entire market is in an uptrend, can BNB witness a similar rally?
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Binance Coinâs Status Quo
Several market assets have experienced major rises over the last couple of weeks. BNB followed suit. The asset surged to a high of $661. At press time, BNB was seen trading at a much lower price level. The asset was at $619, following a 1% rise over the past 24 hours.
Several believed BNB could reach $700 or even $800 during the recent BTC-led rally. Currently, the altcoin is 14% below its peak.
In addition, altcoin recently gave up its position as the fourth largest cryptocurrency in Solana (SOL). Binance Coin is currently the fifth largest asset, with a market cap of $89.04 billion.
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ChatGPTâs Prediction
Several factors are expected to influence the price of Binance Coin. According to ChatGPT, the market sentiment, which includes the bull and bear cycles, the utility, and the overall growth of the ecosystem, is also essential. ChatGPT said,
âBNB is primarily tied to the Binance ecosystem. Increased activity on Binance, such as trading volume, staking, or NFT transactions, could boost demand for BNB.â
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More significant factors, like the regulatory environment and macroeconomic conditions, will also come into play as BNB strives to reach the $700 mark. ChatGPT doesnât give the exact date at which Binance Coin will reach $700, but it is certain that the asset will reach this level before 2025.
