- Binance coin price hit $715 on Thursday, rising 9% gains since the start of the week.Cryptocurrency trading volumes on centralized exchanges reached a record high of $3.72 trillion in December, with Binance remaining market leader.
- Rising trading activity on Binance has boosted demand for the BNB native token.
- With market volatility intensifying ahead of Trump’s inauguration, another spike in trading volumes in January could propel BNB price towards $750.
BNB price crossed the $715 on Thursday as traders continued to take strategic speculative positions ahead of the US Presidential inauguration slated for January 20. Recent reports show Binance emerged market leader as Trump’s re-election drove crypto trading volumes to record highs in December 2024.
BNB price retest $715 as traders re-shuffle portfolio ahead of Trump’s inauguration
Binance Coin (BNB) reached $715 on Thursday, marking a significant milestone as traders adjusted their portfolios ahead of the U.S. presidential inauguration on January 20.
This upward movement reflects a broader resurgence in cryptocurrency markets, with BNB appreciating approximately 8.7% over the past three days, climbing from $660 on Tuesday to $717 on Thursday.
Binance Coin (BNB) Price Action
The increased demand for BNB is partly attributed to the rising popularity of tokens within the BNB Chain ecosystem.
Notably, the BNB chain team announced an AI Agent Competition on Thursday, aimed at promoting the development of AI memes on the blockchain.
As traders continue to reassess their strategies in light of political developments, BNB remains well-positioned for further upside.
Binance emerges market leader as Trump re-election drives record-high crypto trading volumes.
The re-election of Donald Trump on November 5 famously triggered a record-breaking buying frenzy across the crypto market with the likes of Bitcoin (BTC), BNB and Solana (SOL) all reaching all time highs.
However, during the market frenzy in December 2024, CCData’s Exchange Review report. shows that combined spot and derivatives trading surged 7.58% to a record high of $11.3 trillion.
Spot trading volumes rose 8.1% to $3.72 trillion, while derivatives volumes climbed 7.33% to $7.58 trillion.
CCData’s Exchange Review report, January 15 2025.
According to the report, Binance retained its dominance as the top exchange, processing $946 billion in spot trading volumes, a modest 0.13% increase month-over-month.
Bybit followed with an 18.8% rise to $247 billion, while Coinbase recorded a 9.62% jump to $191 billion.
Binance Coin (BNB), the exchange’s native token, has been a key beneficiary of this surge.
Much of BNB’s utility stems from staking incentives, offering traders discounted fees on the Binance platform.
Hence, as exchange trading volumes spike, so does demand for BNB.
BNB has already rallied 8.7% over the past three days, crossing $715 on Thursday.
With the increase in speculative trading ahead of Trump’s January 20 inauguration could replicate December’s trading frenzy, potentially propelling BNB toward the $750 mark.
BNB Price Forecast: Roadblocks ahead as bulls target $750 rally
BNB price action suggests bullish momentum as traders capitalize on increased market activity ahead of Trump’s inauguration.
The chart highlights a falling wedge, a classic bullish reversal pattern. Prices have broken above the upper wedge boundary, signaling potential upside continuation.
This 8.71% gain in the last three days aligns with increased trading volumes, hinting at sustained buyer interest, with the immediate target at $750.
The Chande Kroll Stop indicator, set at $682.05 and $720.81, reveals a robust support zone. Prices maintaining above the $720.81 threshold affirm bullish control.
The widening gap between these stop levels strengthens the bullish case, especially amid rising demand for BNB’s utility in the Binance ecosystem.
Binance Coin (BNB) Price Forecast
However, bearish risks remain. The BBP (Bullish-Bearish Power) oscillator at 13.45 suggests diminishing momentum.
Failure to maintain above $720.81 could see BNB retrace towards $682, eroding recent gains.
In summary, BNB’s falling wedge breakout and supportive technicals favor further upside.
A spike in trading volumes could propel BNB to $750, while a breakdown below $682 would invalidate the bullish thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto market wipes out $1 billion in liquidation as Asian markets bleed red
The crypto markets continue to decline on Monday, with Bitcoin (BTC) falling below $78,000. The Asian markets also traded in the red, with Japan’s stock market extending losses to 8.5%, its lowest level since October 2023.
XRP Price Prediction: XRP hangs on a loose thread, deeper correction below $2 impending?
Ripple (XRP) is extending losses below the previous week’s critical level at $2.00, as United States (US) President Donald Trump doubled down on tariffs, stressing that America must solve the trade deficit before making a deal.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and XRP head to yearly lows while ETH hits two-year bottom
Bitcoin (BTC) price hovers around $78,600 on Monday after falling nearly 5% the previous week. Ethereum (ETH) and Ripple (XRP) also followed in BTC’s footsteps and declined 13% and 10%, respectively, in the previous week.
Bitcoin could be the winner in the ongoing trade war after showing signs of decoupling from stocks
Bitcoin (BTC) traded above $84,000 on Friday, showing strength despite the stock market experiencing significant declines. The market reaction stems from United States (US) President Donald Trump's clash with the Federal Reserve Chairman Jerome Powell over interest rate decisions.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.