The cryptocurrency industry witnessed a notable makeover following election night. The entire market was painted green. The Bitcoin (BTC) led rally propelled several assets to new highs. Amidst this, Binance Coin (BNB) was seen lagging. The real question is whether the asset will record a new high or stay below the $600 mark.
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Binance Coin Plummets Below $600
Following Donald Trump’s win, several industry assets began surging. BNB followed suit and went from a low of $576 to a high of $609. But the asset, at press time, was trading at $596 after a 2.02% rise over the past 24 hours. It should be noted that BNB hit an all-time high of $720 in June, about five months ago. Currently, the altcoin is 17% below this mark.
While the latest rise came as a boon, it did change the market dynamics. BNB’s market capitalization was $85.90 billion, up 2.29% on the previous day. Amidst this, Solana (SOL) managed to take over BNB. SOL is the fourth largest cryptocurrency, with a market cap of $88.75 billion.
Despite BNB’s sluggish movement, the community remained bullish about the asset. According to data from CoinMarketCap, 78% of 11093 individuals remained bullish about BNB’s possible future surge.
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Will $600 Continue Acting as a Major Level of Resistance?
According to data from CoinCodex, Binance Coin will manage to cross the $600 in the next couple of days. The asset will reportedly trade at a high of $630.51 on November 10. Even if $600 seems like a major hurdle, BNB will get through it more quickly than expected. But on November 8, the altcoin will drop to a low of $592 before breaking out.
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While the BNB market is slower than the rest of the industry, the asset will certainly catch up.