Binance’s BNB Coin Surpasses $300 Mark Amidst Market Recovery
October 31 2022 - 6:20AM
NEWSBTC
Binance Coin (BNB) has surpassed the $300 mark after its price
surge over the week. The token was trading at around $274 per coin
last Thursday and even threatened to fall lower as the week
progressed. However, Tuesday saw the coin recover, adding around 5%
profit to trade at $289. It has been smooth sailing from then
onward for BNB as it continues to climb higher in value. As of
writing this article, BNB is currently trading at $313. BNB’s
$300-mark breakthrough comes at the same time popular meme coin
Dogecoin adds over 90% value in a week. BNB is currently ranked the
4th largest cryptocurrency by market cap. Related Reading: Litecoin
Price Revisits $56, What Is Next For The Bulls? BNB Soars As the
Overall Crypto Market Recovers The cryptocurrency market has seen a
significant recovery this October. After several bearish weeks, the
entire crypto market broke through its $1 trillion market-cap
barrier earlier this week. This move acted as a catalyst for many
cryptocurrencies to see massive gains. One such example is Binance
Coin which surged more than 5% on Tuesday alone. It continued to
rise throughout the week, adding a total of 15% to its value.
Binance coin had it rough on October 6th when the entire crypto
market started a correction phase. Before the start of the
correction, BNB was at $296 and on the verge of testing the $300
mark. However, it never got to that point as the bears took over,
pushing the coin to a one-month low of $257. BNB’s path to recovery
was slow, with fluctuations in value between $266-$276. On Tuesday,
we saw BNB break out of its consolidation range. It finally broke
through the $300 mark yesterday and set a new monthly high of $318
today. Now, BNB is up nearly 5% against Bitcoin, and it seems like
it will continue to grow as long as the overall market recovers.
BNB Establishes A New Benchmark Against BTC TradingView’s data
reveals that the BNB/BTC exchange rate temporarily exceeded 0.15
BTC, reaching a record 0.15267 BTC. Binance’s native coin, BNB, has
increased in value by almost 10% over the previous three days. The
token’s strong performance followed news that it would help Twitter
eliminate bots under Elon Musk’s new administration. Binance
committed $500 million to Musk’s acquisition of the social
networking site. In a cryptic tweet, Binance CEO Changpeng “CZ”
Zhao alluded to an interview he gave to crypto media company
Decrypt. He said, “Our intern says we wired the $500 million 2 days
ago, probably just as I was being asked about Elon/Twitter.”
Related Reading: Will Binance Oracle Hamper Chainlink Growth Amid
The Bullish Run CZ then tweeted “Let’s unleash the bird” and
“Crypto Twitter,” the former presumably a reply to Musk’s “the bird
is freed” tweet. BNB reached a monthly high of $318.80 today, its
highest level since mid-August. One more prominent cryptocurrency’s
recent outperformance may also be traced back to Musk. The DOGE/USD
pair touched its highest levels since April, following a price
movement pattern that began with Musk’s Twitter activity. DOGE, a
Musk favorite, is still awaiting a wider usage application,
potentially with his help. Featured image from Pixabay and chart
from TradingView.com
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