Binance Coin hit a record high price of $ 55.40.
This is the third BNB market cycle.
BNB has been on the rise since March 2020
Binance Coin (BNB) has risen significantly since March 2020 and hit a new all-time high on February 4, 2021.
BitQT is currently in its third cycle. This article will compare previous market cycles and examine how the current cycle compares to them in terms of rate of increase and duration.
Premier cycle Binance Coin
The first market cycle for Binance Coin started with a low of $ 0.50 on November 17, 2017. BNB then rose 4,936% in just 67 days. It peaked with a high of $ 25.18, which was hit on January 12, 2017. This level remained the highest in asset history until April 2019.
Once that increase, BNB fell 84% in 329 days. This is a significant correction, but it was more gradual than the previous change.
BNB dropped to $ 4.12, reached on December 7, 2018. After that, BNB started its second cycle.
The second cycle was much more progressive than the first.
Binance Coin rose 861% in a 197-day period, peaking with a record price of $ 39.59 on June 22, 2019. This all-time high held until December 2020.
Interestingly, once BNB broke its previous all-time high, the price dropped significantly before finally recovering its losses.
Unlike the upside, the correction that followed was much more similar to the first. BNB fell 84% over 265 days in this correction.
After hitting a low of $ 6.30 on March 13, 2020 (very close to the previous low of $ 4.12) BNB has entered its third and current market cycle.
The third market cycle started with the low on March 13 and is still going on.
So far, Binance Coin has risen 693% in the following days, without suffering a significant drop.
After passing its previous all-time high, the BNB came back to validate it twice as support and has since progressed
This move was different from his first run over his old record high. BNB then declined considerably. Therefore, if the current zone holds, BNB is expected to rise at an accelerated pace.
So far BNB hit a new all-time high of $ 55.40 on February 4.
An 869% increase, similar to the second market cycle, would push BNB up to $ 62. An increase of 4,936%, as in the first market cycle, would take it to $ 320.