Binance Coin (BNB) is experiencing another upward swing. The asset has rallied 1.4% in the last 24 hours, 8.8% in the weekly charts, 18.2% in the monthly charts, and 54.7% since August 2024. BNB continues to glow red in the 14-day charts, with a dip of 3.3%. According to CoinCodex BNB data, Binance coin is currently only 4.4% away from its all-time high of $858.34. BNB may climb to new new peak very soon.
What is Pushing Binance Coin To a New All-Time High?
The crypto market seems to be recovering from last week’s correction. The market has slowly made a rebound, with the global crypto market cap reclaiming the $4 trillion mark. BNB is not alone in its ascent to an all-time high. Bitcoin (BTC) is leading the market rally, taking back the $122,000 price level. BTC is down by just 0.5% from its peak of $122,838. There is a very high chance that BTC will climb to a new peak in the next 24 hours.
If BTC hits a new all-time high, BNB and other crypto assets may experience a massive price spike. BTC’s rally could be due to President Trump allowing 401(k) retirement funds to invest in crypto assets. The rally may have also been propelled by the SEC vs. Ripple lawsuit finally coming to a close. Another factor that may have boosted investor spirits is the high likelihood of an interest rate cut in September. Goldman Sachs, Wells Fargo, and Citigroup believe the Federal Reserve will slash interest rates by 25 basis points next month. A rate cut could lead to a surge in risky investments as borrowing becomes easier.
Also Read: $1000 in Binance Coin (BNB) Has Yielded $7 Million In 8 Years
However, there is also a chance that BNB and the larger crypto market will face a correction instead. The global economy is still in shock after President Trump’s tariff spree. Trade wars and slow economic growth may present challenges to the volatile cryptocurrency market. How things unfold will be seen in the coming weeks.