- BNB looked bullish despite market turmoil.
The Bitcoin halving might have a significant impact on major altcoins.
Due to geopolitical conflicts between Iran and Israel, a sense of uncertainty and fear has spread over the cryptocurrency market, resulting in a significant downturn or crash.
At the moment of writing this, Bitcoin’s price had dropped beneath $63,000, while Binance Coin experienced a significant reduction of 8.5% over the last day.
Concerns have arisen among investors as the cryptocurrency market experiences significant drops, leading some to wonder if less established altcoins can make it through this market downturn.
BNB’s positive future outlook
Despite the economic slump, LomahCrypto highlighted the optimistic view towards Binance’s altcoin (BNB) and explained its strength based on technical and fundamental aspects.
He said,
“I think Binance Coin is a live dark horse for majors.
Structurally looks good in both USD and BTC pairing
Negative funding since it’s typically hedged against spot holdings for fee reductions by larger whales
Free of SEC persecution in the short/mid-termI have a bag.”
Based on current predictions, BNB‘s value may reach an impressive $541 by the year 2024, indicative of a thriving market and optimistic investor attitudes.
Echoing similar sentiments, Kaleo, in his X (Formerly Twitter) post noted,
“$BNB still looks primed to break out of this range.”
It’s worth mentioning that Loma pointed out the growth potential of Binance Coin exists, but its possible gains may be less than riskier cryptocurrencies due to its larger market size. In simpler terms, while Binance Coin can still increase in value, it might not offer as significant returns as more speculative digital assets.
“While this may not provide a 10,000X return like certain meme coins, the size of your investment determines the type of assets you choose and the returns you anticipate.”
This highlighted Binance Coin’s growth potential despite setbacks.
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2024-04-17 00:07