Binance coin to take over Cardano market share with explosive breakout to $700

Binance coin (BNB) prepares to regain its position in the crypto market. Analysts have a bullish outlook on BNB in light of recent developments. 

Binance coin rally to $700 expected

The native token of leading cryptocurrency exchange Binance, BNB recently lost its long-standing position as the third-largest cryptocurrency based on market capitalization. 

Multiple sources have revealed that Binance is considering raising investment from government funds at a valuation of $200 Billion. According to experts, the rising regulatory concerns surrounding the exchange's operations and product offerings in Singapore, China, the UK and the US are likely to have triggered the exchange to seek protection from the government. 

The government of Singapore has been named as one that is most likely to invest in Binance. The exchange has declined to comment on the news. 

The native asset of Binance is expected to climb higher in response to the investment proposition. Analysts have predicted that BNB is likely to surge to $700. 

Scott Melker, an independent crypto analyst and host of the Wolf Of All Streets podcast, recently shared his analysis on Twitter. 

Binance coin is directly competing with Cardano. At the same time, the declining volume of staked Cardano indicates a drop in interest from traders. 

If the fall continues, it becomes further conducive for BNB to recover market capitalization and replace Cardano as the third-largest crypto. 

Pieter Nierop, an independent Cardano analyst, shared his concern on Twitter

Despite bearish on-chain metrics, analysts at FXStreet suggest that Cardano's price is showing strength and the next target for Cardano is $3.50. Analysts expect the altcoin to rally to $3.62 before retracement begins.