Binance, a prominent cryptocurrency exchange, has witnessed increased troubles over the last few years. The firm has been subject to increased scrutiny. Despite this, the exchange’s native cryptocurrency, BNB, recorded a significant uptick. The asset went on to hit several peaks throughout the last 12 months. BNB has witnessed a yearly spike of nearly 200%. Can the asset continue this rally and end the year on a new high?
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Binance Coin’s Daily Rise
The cryptocurrency market saw a notable uptick over the past day. Binance Coin was also recovering. During the time of writing, the altcoin rose by 3.22% and was trading at $712.97. Despite the asset’s market cap rising to $102.67 billion, BNB dropped down the cryptocurrency ladder. Currently, the asset is the sixth largest asset in the market.
About eight days ago, on December 4, Binance Coin went on to reach an all-time high of $793.35. Currently, BNB is trading 9.89% below this peak. The asset’s rise to a mark close to $800 has pushed the community to make more ambitious bets for Binance’s native cryptocurrency.
The asset’s latest rise was linked to its trading volume. Recently, an analyst on CryptoQuant said,
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“BNB, Binance’s cryptocurrency, is gaining value. Its price has been rising, with a strong rally starting in early 2024. Now, at the end of the year, BNB is climbing again and reaching its all-time high 4 days ago. Recent price increases match higher trading volume, showing more interest from investors.“
December Price Prediction
The Binance Coin network is all set to end the month on a bullish note. The cryptocurrency is expected to surge beyond the $800 mark. According to data from CoinCodex Binance Coin, the price will be between $719.52 and $842.45 at the end of the year.
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Assuming the average price for December is $780.38, this would mean that the price of BNB has risen 9.62% from today’s values. In other words, if BNB makes the forecast, investors might make 18.34%.