The cryptocurrency market seems to be making a slight recovery today, with Bitcoin (BTC) reclaiming the $113,000 price level. The global crypto market cap has also hit the $4 trillion mark once again. Binance’s BNB coin, in particular, seems to be entering another bullish phase. According to CoinGecko data, BNB is up 2.4% in the last 24 hours, 7.2% in the last week, 16% in the 14-day charts, and 19.2% over the previous month. Binance’s BNB coin may be attempting to hit another all-time high. The asset hit a new peak of $1079 on Sept. 21, and is currently down by 5.1% from its height.
Will Binance’s BNB Coin Hit a New All-Time High?
There is a high chance that the cryptocurrency market will continue its upward momentum over the coming weeks. Market experts anticipate another interest rate cut in October. Another interest rate cut could trigger a market-wide rally. BNB could see a massive price surge under such circumstances.
Also Read: BNB Rockets 999,900% to $1K: How High Can It Go By Sept 30?
According to CoinCodex, Binance’s BNB coin will continue to rise over the coming weeks. The platform anticipates the asset to breach the $1080 mark on Oct. 14. CoinCodex analysts further expect BNB to climb to a new all-time high of $1243.83 on Dec. 14. Hitting $1243.83 from current price levels will entail a rally of about 21.79%.
There is also a possibility that BNB will face a correction over the coming days if investors begin to book profits. Macroeconomic factors could also present challenges to the crypto market. Binance coin could succumb to external forces and face a price dip. The crypto market is still quite fragile at the moment and could pivot in any direction over the coming weeks. However, many analysts expect the cryptocurrency market to recover into a bull run by the end of this year.
