BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside
Highlights
- Crypto market sees $268M in short liquidations, acting as a catalyst for BNB’s rally as forced buybacks pushed prices higher.
- Market experts suggest BNB’s strong base around $1,000 could set the stage for a rally toward $2,000–$5,000 this cycle.
- This comes amid recent progress in Binance ecosystem growth and regulatory progress.
BNB, the native cryptocurrency of Binance, has seen a strong 8% upside, hitting a new all-time high past $1,100, leading the broader crypto market rally. It is also currently the strongest-performing altcoin with 30% gains on the monthly chart. Market experts believe that Binance Coin has done a strong base formation at $1,000, which sets the foundation for a rally to $5,000 ahead.
BNB Shoots Past $1,100 Leading Crypto Market Rally
Binance Coin (BNB) surged to a new all-time high, crossing $1,100 for the first time and trading at $1,108.17, marking a 7.27% gain in the past 24 hours. Furthermore, the daily trading volume has surged by 30% to more than $4.16 billion, showing strong bullish sentiment among traders. This comes as the overall crypto market shows strength on hopes of Fed rate cuts following the US shutdown this week.
Amid today’s market rally, the liquidations across the crypto space have surged to $391 million, of which $268 million is in short liquidations, per the Coinglass data. Analysts note that the wave of liquidations has amplified BNB’s rally, forcing short sellers to buy back into the crypto market.
Additionally, key developments within the Binance ecosystem have contributed to a greater upside. On the regulatory front, the company has been nearing a deal with the U.S. Department of Justice (DoJ) to drop compliance monitoring, following its $4.3 billion settlement earlier this year.
Also, the native BNB chain is emerging as a popular choice for real-world asset tokenization (RWA). In addition to this, the latest growth of BNB-based Layer 2 decentralized exchange (DEX) Aster is driving further momentum.
The broader crypto market is showing major strength this week despite concerns surrounding the US shutdown. Some market analysts are expecting a further delay in the approval of spot crypto ETFs, for top altcoins like XRP, Solana (SOL), Cardano (ADA) etc.
Expert Eyes Binance Coin Rally to $5,000
BNB continues to trade above the $1,000 mark, sustaining its recent breakout to new all-time highs. Market analyst Crypto Patel noted that early entrants have already secured a 5x return this cycle but argued that the rally may still have significant room to run.
According to Patel, BNB could climb further in the ongoing bull cycle, with potential targets in the $2,000–$3,000 range if current momentum continues. Of course, this will need the support of the broader market moving ahead.
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