BNB rose above $310 as the market cap flipped Solana.
BNB price has risen 5% in the last 24 hours and 20% in the last week to trade above $310. The gain comes as BNB dethrone Solana relative to the market value as SOL price declines after the recent rally.
BNB is trading more than 5% in the last 24 hours and more than 20% in the last week. This is Solana's spectacular rally and reversal of both XRP and BNB, reaching the cryptocurrency's price peak seen in April of last year.
BNB back over Solana
As Solana floundered on Christmas profits, BNB's market value rose. The native Binance coin is currently trading above $310, prices last seen in June. At the time of writing, its market cap is $47.9 billion, ahead of Solana, which has fallen to $46.3 billion.
BNB's price is seeing its first bullish run since Binance founder and former CEO Changpeng Zhao fell amid the bombshell resignation last month. BNB also came under pressure after the crypto exchange agreed to a $4.3 billion settlement with US authorities.
The events saw the price of BNB drop from a high of $266 to $225, continuing the macro decline. Data from market platform CoinGecko shows that the latter's momentum has been relatively low compared to some of the top performers over the past few weeks.
But with Solana cooling off, BNB bulls are looking to retest the year-to-date level around $350. As crypto analyst Rect Capital noted on December 26, BNB “broke the macro recession.” It suggests a possible bull rally.
$BNB Macro Downend #Binance #Crypto has broken #BNB pic.twitter.com/PnvqNMK2QW
— Rekt Capital (@rektcapital) December 26, 2023
If Bitcoin ETF's euphoria at a spot-accepting position pushes altcoins higher, BNB bulls could see an all-time high above $686.
BNB's price of $311 as of December 27 is about 55% from that peak.
