Key Points
- Bitcoin and the broader altcoin market started October with bullish expectations, pushing Binance Coin (BNB) to a new all-time high.
- BNB gained 3% over the past 24 hours and reached an all-time high of $1,220, with its market cap reaching $170 billion.
As October began, the cryptocurrency market, led by Bitcoin (BTC), showed signs of bullishness. This positive sentiment led to a surge in the price of Binance Coin (BNB), which hit a new record high.
Over the last 24 hours, BNB’s value increased by 3%, reaching an all-time high of $1,220. The coin’s market capitalization also grew, reaching $170 billion, nearing the $179 billion market cap of USDT.
BNB’s Rally and Potential Future Growth
The surge in BNB’s price didn’t occur overnight. The coin has seen a 60% price increase over the past two months.
Analysts, driven by the current fear of missing out (FOMO), suggest that BNB could continue to rise, potentially reaching the $1,500 mark.
However, to surpass the $1,500 threshold, BNB’s market value would need to exceed $208 billion. This would make it the third-largest digital asset, overtaking XRP and USDT.
BNB’s Technical Data and Market FOMO
When combining BNB’s technical data with the current market FOMO, a $1,500 price target seems achievable.
According to data from TradingView, BNB’s Relative Strength Index (RSI) reached 72 with its new all-time high. The RSI indicates that BNB is experiencing strong momentum from market participants, but it’s not overbought at this point.
If the RSI crosses the 80 mark, it would suggest overbought conditions, which could trigger profit-taking and high price volatility for BNB.
Furthermore, Bitcoin’s new all-time high of $125,559 on October 5th has increased the FOMO surrounding a bullish October, often referred to as “Uptober” within the crypto community. If Bitcoin continues to rise, top altcoins like BNB are likely to follow suit.
