Binance’s BNB token hit an all-time high of $771.60 earlier today. The project’s market cap has breached the $110 billion mark. BNB’s price has risen 15.8% in the last 24 hours, 22.6% in the weekly charts, 23.6% in the 14-day charts, and 34.4% over the previous month. The asset’s price has risen nearly 230% since December 2023.

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Why Is BNB Rallying?

Altcoins seem to be taking charge as Bitcoin (BTC) faces significant resistance at the $96,000 level. TRON (TRX) also hit a new all-time high of $0.4313 earlier today. Other altcoins, such as Ripple’s XRP token, have experienced a significant price spike in the last few days.

Binance’s BNB may witness increased fund flows as investors move their capital from BTC to other assets. We may be entering an altcoin phase right now.

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Can The Asset Hit $800 Next?

BNB’s price has dipped 2.1% since its peak earlier today. To hit $800 from current price levels, a rally of about 5.95% will be required.

According to CoinCodex, BNB will breach the $800 mark by mid-December. The platform anticipates the asset to hit a high of $839.19 on Dec. 16. 2024. Hitting $839.19 from current price levels will entail a rally of about 11.14%.

Bitcoin (BTC) is highly likely to breach the $100,000 level before 2025 starts. In such a scenario, we may witness another market-wide rally. If BTC hits $100,000, Binance’s BNB could surge to the $1000 mark.

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On the other hand, if market participants decide to book profits, BNB may face a correction. BTC is struggling to reclaim the $97,000 level. If BTC falls to $90,000, it may lead to massive liquidations.