Binance’s BNB coin is defying the current market trend. The general market is stagnating. But BNB is up 2.2% in the daily charts, 9.9% in the weekly charts, 15.7% in the 14-day charts, and 85.9% since February 2024. Despite the rally, BNB is down 4.4% over the previous month.
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Binance Coin Making Its Own Trajectory
The cryptocurrency market has faced significant hurdles over the last few weeks. Bitcoin (BTC) is struggling to regain the $100,000 price point. The global crypto market cap has also fallen to $3.3 trillion. BNB is following a different trajectory. The asset has gained significant traction lately.
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BNB’s rally could be due to rumors about Binance selling a substantial amount of its holdings to buy more BNB tokens. It was later found that the exchange was not selling its holdings. The confusion arose from an adjustment in the company treasury’s accounting process.
New All-Time High For The Asset
According to CoinCodex, Binance’s BNB token will rally over the coming months. The platform anticipates the asset to breach the $1200 mark this month. According to CoinCodex, BNB will hit a new all-time high of $1284.15 on Feb. 21. Hitting $1284.15 from current price levels will entail a rally of about 91.95%.
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CoinCodex does not expect BNB to stop at the $1200 mark. The platform anticipates the asset to continue rallying into the summer. CoinCodex predicts BNB will hit $2896.39 on Mar. 11. Reaching $2896.39 from current price levels will lead to a rally of about 332.94%.
There is also a possibility that BNB will face a correction instead. Macroeconomic factors could get in the way of the asset’s rally. How things unfold is yet to be seen.