BNB Climbs to 4th Largest Coin, Overtaking Solana: BNB Price Prediction
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.
Per CoinMarketCap, the BNB price was last down 5% in the past 24 hours. That took its market cap down to $81.3 billion.
Solana, meanwhile, dumped over 10%, its market cap sliding to under $75 billion in the process.
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.
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 has 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, while 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,…
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