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Bitcoin and the cryptocurrency market are now experiencing breathless days. The rises seem unstoppable. Bitcoin experienced a drop towards the $67,000 level during the night hours. However, what happened next meant new peaks. Bitcoin’s price settled at a new peak of $71,831. While this rise was happening in BTC, analyst Mags today set a new target for Binance Coin (BNB) after evaluating from X.
Binance Coin (BNB) Could Reach $660
Recently, the significant price increase of Binance Coin (BNB), the fourth-largest in the crypto world, has caught the attention of many investors and traders. BNB, showing a noteworthy rise of over 110% in the last three months, is demonstrating its strength in the crypto arena.
As the upward momentum continues to push prices higher, analyst Mags has now set a new target for BNB’s price. Mags indicates that he has his sights set on BNB’s next resistance level of $660.
Why Is Binance Coin Rising?
To answer this question, we need to look at the cryptocurrency exchange Binance. BNB Coin is Binance’s native cryptocurrency. Binance especially makes it mandatory to stake BNB for projects listed in Launchpool. This compels those who want to acquire tokens from Launchpool to turn to BNB.
When there’s a rush to buy BNB Coin, its price starts to increase. It’s clear that BNB Coin has found a use case for itself. As of writing this article, Binance coin is trading at $527.
Token Burn Mechanism and Optimism
Another reason for the increase in Binance Coin’s price is the quarterly token burn. The cryptocurrency exchange Binance reduces the supply of the currency by burning tokens every three months. This practice will continue until there are only 100 million BNB left, which is positively impacting BNB’s price.
The optimism in the crypto world affecting the price of the altcoin BNB is another reason to mention. With Bitcoin establishing its new peak, investors are turning to altcoins hoping to make greater profits. This is also causing the price of the cryptocurrency BNB to rise. Consequently, as analyst Mags also points out, the $660 levels are now on the cards.
