The cryptocurrency industry is prepping for Halloween. Binance, the world’s largest cryptocurrency exchange, has had a spooky year, with several issues with law enforcement worldwide.
Amidst this, the exchange’s native cryptocurrency, Binance Coin (BNB), has had a fairly decent year. Throughout the past 12 months, BNB has increased by 156.71%. About five months ago, the asset even hit a new all-time high of $720.
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Can Binance Coin Hit a New High By The End of October?
BNB was trading at $587.49 at press time, following an increase of 1.27% over the past 24 hours. Despite this rise, altcoin continues to trade at 18% below its peak. Earlier today, the asset was seen inching toward the $600 zone. BNB was priced at $593.
It looks like BNB will have to wait longer to move beyond $700. According to data from CoinCodex, BNB will surge to a high of $634.85 by the end of this month. This rise represents an 8% uptick from Binance Coin’s current price level.
CryptoRank revealed that Binance Coin’s average price rose 9.81% during the month of October. This month is typically considered bullish, which has led to the community making ambitious bets on the asset.
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Bullish Market
Several factors supported Binance Coin’s bullish prediction. For instance, Coinglass’s statistics revealed that BNB’s long-to-short ratio increased from 0.91 on Wednesday to 1.05 on Thursday. This is reportedly the highest level in a month. This further indicates that more traders expect the coin’s price to climb; the ratio signals optimistic sentiment in the market.
The BNB community on CoinMarketCap was also highly bullish about the altcoin’s potential surge. 79% of 8558 individuals expected Binance Coin to witness an uptick in its price in the coming days. But the network had naysayers as well. About 21% of them were exhibiting bearishness towards the asset.
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