Binance Coin (BNB) has been in sync with the broader cryptocurrency market as the asset continues to dip. Over the past day, BNB dipped by over 5% and was trading at a high of $509. However, throughout the last week, the altcoin surged by 17%. In addition, the daily volume of the asset shot up by over 13% to a high of $1,635,956,030.
Also Read: Ripple (XRP) And Binance Coin (BNB) Price Prediction For August 2024
Factors Influencing BNB’s Price
Recent Decline in Open Interest
Open interest in Binance Coin has recently declined. Coinglass data showed that BNB’s open interest recently decreased from roughly $500 million to about $400 million. This downtrend indicates that traders could be approaching the market cautiously.
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BNB’s Market Position
BNB continues to demonstrate some strength as it maintains its top-four position. It even surpasses Solana (SOL) and XRP despite the recent regulatory turbulence between the Securities and Exchange Commission (SEC) and the cryptocurrency exchange Binance.
It should be noted that BNB even hit an all-time high about two months ago. BNB surged to a high of $720 and is currently 30% below this peak.
Potential to Reach $1000
While the $1000 mark is far away, the asset can achieve it. However, reports suggest that BNB will not reach this level until 2024.
When Will BNB Reach $1000?
According to data from Changelly, Binance Coin will trade around $700 to $1000. The asset is expected to revisit its all-time high in January 2025. Following this, BNB will linger around the $800 zone. But the altcoin will reach $1000 only in November of 2025.
Also Read: Binance Coin & Cardano: August 2024 Price Prediction Analysis
The firm revealed that BNB will surge to a high of $1042 in December 2025. While this is over a year from now, those who hold the asset with patience will reap the benefits.