The BNB price has climbed to become the fourth largest crypto coin in the world, overtaking Solana (SOL) amid a market slump that has hit the SOL harder than BNB.
According to CoinMarketCap, the BNB price was last down 5% in the past 24 hours, bringing its market cap down to $81.3 billion.
Solana, meanwhile, dumped over 10%, reducing its market cap to under $75 billion.
So, is BNB’s rise in the crypto ranking a bullish sign. Let’s take a look at some drivers in the market right now.
BNB Price Prediction – Where Next?
The BNB price was last around $558, now down about 8% from July’s highs.
The drop comes amid a broader pullback in the cryptocurrency markets in the past few sessions.
Now avidly pro-crypto ex-US President Donald Trump’s betting market-implied odds of retaking the White House in November have slipped in recent weeks.
Kamala Harris’ election odds just hit a new all-time high. pic.twitter.com/its4N1BHzf
— Polymarket (@Polymarket) August 1, 2024
That’s owning to a promising start to US Vice President Kamal Harris’ presidential campaign, which has seen her odds rise.
This could be weighing on crypto sentiment while escalating Middle Eastern tensions might also be weighing.
ISRAEL READY TO DEFEND ITSELF, ALLIES TO HELP: GOVT SPOKESMAN
— *Walter Bloomberg (@DeItaone) August 1, 2024
Supply overhangs from the prospect of heavy selling from the US government and Mt Gox creditors may also be weighing on Bitcoin. At the same time, Grayscale Ethereum ETF outflows are likely still hurting ETH.
On July 31, the #Ethereum spot ETF experienced a net outflow of $77.21 million.
Grayscale’s $ETHE had an outflow of $133 million, while Grayscale’s mini ETF $ETH recorded an inflow of $19.53 million.
The total net asset value of the Ethereum spot ETF stood at $9.07 billion,… pic.twitter.com/Aeant2fEz2
— Kyledoops (@kyledoops) August 1, 2024
And this is likely having a broad negative impact on the crypto market as a whole.
The BNB chart, meanwhile, suggests pressure is building for a break below $557 support.
That could open the door to a drop back to the 200DMA and recent lows in the $450s.
But this could be a good opportunity to buy.
Indeed, macro tailwinds are building up. At Wednesday’s meeting, the Fed hinted at a potential rate cut in September.
Even if the Democrats do retain the White House in November, they appear to be swinging more pro-crypto.
The stage is set for a strong market rebound, and BNB, the fourth largest crypto, could be a major beneficiary.
BNB could be on course to hit new record highs before the end of the year above $700.
Alternative to Consider – Pepe Unchained (PEPU)
Crypto traders looking for a higher risk-reward investment should consider getting involved in the meme coin market.
The best way to make money in meme coins is to invest in a new token early before it trends.
And one of the best ways to do this is via meme coin presales.
Cryptonews.com keeps a close eye on the meme coin presale market.
One new token they like is Pepe Unchained (PEPU).
Unlike most newly launched Pepe copycat tokens, this Pepe Unchained is packed with utility.
Pepe Unchained (PEPU) is a new Ethereum layer-2 blockchain that seeks to become crypto’s number one meme coin trading blockchain.
Pepe Unchained’s token presale launched a few weeks ago, raising over $6.7 million.
Potential investors should note that PEPU is also a passive income gem. The project’s website shows the current staking yield is around 286%.
At the current token price of $0.0081939, PEPU is valued at $64 million, with the potential for higher valuation if it succeeds as a meme coin Ethereum layer-2 blockchain.
To purchase PEPU, users can connect their MetaMask wallet on the official website, accepting ETH, BNB, and USDT.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
