Binance Coin (BNB) has crossed the $300 mark after rising in price during the week. The token was trading at around $274 per coin last Thursday and threatened to fall lower as the week progressed. However, the coin recovered on Tuesday, taking a nearly 5% gain to trade at $289.
It has been smooth sailing for BNB since then as it continues to climb higher in value. As of writing this article, BNB is currently trading at $313. BNB’s $300-mark break comes at the same time as the popular meme coin Dogecoin adding more than 90% of its value in a week. BNB is currently the fourth largest cryptocurrency by market cap.
BNB Soars as Overall Crypto Market Recovers
The cryptocurrency market has seen a significant correction this October. After several bearish weeks, the entire crypto market broke its $1 trillion market-cap barrier earlier this week. The move acted as a catalyst for many cryptocurrencies to see massive gains. One such example is Binance Coin which gained over 5% on Tuesday alone. It continued to rise throughout the week, increasing its value by a total of 15%.
There was no shortage of Binance Coin on October 6th when the whole crypto market began the correction phase. Before the start of the correction, BNB was at $296 and was on the verge of testing the $300 mark. However, it never reached that point as the bears took hold, pushing the coin to a one-month low of $257. BNB’s recovery path was slow, with the price fluctuating between $266-$276.
On Tuesday, we saw BNB break above its consolidation range. It finally broke the $300 mark yesterday and set a new monthly high of $318 today. Now, BNB is up about 5% against Bitcoin, and it looks like it will continue to rise as long as the overall market recovers.
BNB Sets a New Benchmark Against BTC
trading view The data shows that the BNB/BTC exchange rate temporarily exceeded 0.15 BTC, reaching a record high of 0.15267 BTC. Binance’s native coin, BNB, has gained almost 10% in value over the past three days. The token’s strong performance comes after news that it would help Twitter eliminate bots under the new administration of Elon Musk.
Binance commits $500 million to acquire Musk’s social networking site. In a cryptic tweet, Binance CEO Changpeng “CZ” Zhao cited an interview he gave to crypto media company Decrypt. He Told, “Our intern says we wired $500 million 2 days ago, probably just like I was being asked about Elon/Twitter.”
CZ then tweeted “let’s take the bird out” And “crypto twitter,” the former probably replied to Musk’s “bird freed” tweet. BNB today hit a monthly high of $318.80, its highest level since mid-August. Another major cryptocurrency’s recent hit The outperformance can also be traced to Musk. Following a price movement pattern that began with Musk’s Twitter activity, the DOGE/USD pair touched its highest level since April. DOGE, a Musk favorite, is still a broad The use is waiting for the application, possibly with its help.
Featured image from Pixabay and chart from TradingView.com