Binance Coin (BNB) has been trying to maintain itself over the $600 mark despite the challenges it continues to face. Binance, the firm behind BNB, has been drowning in lawsuits. While the industry was celebrating Changpeng Zhao’s release from prison, FTX hit the exchange with yet another lawsuit. This article talks about how Binance Coin has been faring through these hurdles.
Binance Coin Records Massive Price Dip
It looks like the entire cryptocurrency market was undergoing correction. BNB was also hit with a slump. Over the past 24 hours, the altcoin dipped by over 5%. This comes after the asset surged from a low of $580 all the way to a high of $665. At press time, BNB was trading at $607.19.
The asset seemed to be quite close to reaching its all-time high of $720. However, at BNB’s current price, the altcoin is 15% below this peak. In addition, Binance Coin also recorded a drop in terms of ranking. Solana (SOL) overtook the asset. Currently, BNB stands as the fifth largest cryptocurrency with a market cap of $87.4 billion.
November Price Prediction
November is expected to be a bullish month for the entire cryptocurrency ecosystem. Binance Coin certainly rode this wave as it continued to retain itself above the $600 mark. According to data from CoinCodex, BNB will trade at $635 on November 15. The asset will further rise to a high of $656 on November 16. It looks like BNB is trying to hit the $700 mark before December 2024.
Without a doubt, the market for BNB is sizable and maturing, but as Trump prepares to remove the SEC’s restrictions, regulatory barriers are lowering, and the price of BNB ought to rise in tandem with the market.
