The price of Binance Coin (BNB) has reached an all-time high with the opening of a new trading session on the crypto market. Trading at $793.86 per token, BNB has surpassed its 2021 high, and right now we can say that it has entered the price discovery phase.
Against this backdrop, Changpeng Zhao, known as CZ, the former head of Binance until U.S. regulators cracked down on both the exchange and the crypto businessman himself, made a comment. Zhao wrote that his opinion on Binance remains the same – “ready to build.” In addition, the entrepreneur issued a warning not to get too distracted by the price because there is much more to “be and build.”
Interestingly, this very phrase can be encapsulated in the abbreviation BNB, and in this case the words that there is still a lot “more to be” makes one wonder about the prospects of the token’s price, although CZ warns not to get too distracted by it.
Like any other morning, ready to build.
Don’t get distracted by price. 😆
— CZ 🔶 BNB (@cz_binance) December 4, 2024
Binance Coin currently has a capitalization of over $113 billion. This figure puts the digital asset in fifth place in the ranking of the largest cryptocurrencies, with Bitcoin (BTC), Ethereum (ETH), XRP and the popular USDT stablecoin ahead. Whether BNB will overtake any of them is an open question.
Now, the native cryptocurrency of the world’s largest exchange is likely looking for the next stop which, according to the Fibonacci sequence, could be in the range of $917 to $1,160 per BNB if the token continues its upward movement with favorable market sentiment.
When you consider that Binance regularly conducts billion-dollar BNB burns, and the ecosystem itself is just beginning to recover from the regulatory shocks of the past few years, the future seems increasingly intriguing for investors.
