Bitcoin (BTC) Price Resurgence, Binance Coin (BNB) Hits a New ATH, and Meme Coins Fiesta: Bits Recap June 6
TL;DR
- Bitcoin surged to $71,700 amid record inflows into US spot Bitcoin ETFs.
- BNB hit an all-time high of $710, surpassing major companies’ market caps, with forecasts suggesting it could reach $1,000.
- Floki Inu’s market capitalization peaked at over $3.2 billion before a slight retracement.
BTC Headed North Again
The price of the primary cryptocurrency has been on an uptrend in the past few days, rising to as high as $71,700 on June 5. Currently, it hovers the $71,000 mark (per CoinGecko’s data), representing an 11% increase on a monthly scale.
The resurgence coincided with record figures related to spot Bitcoin ETFs in the USA. Those products witnessed a total inflow of almost $900 million yesterday, the second-best day since their approval in January.
Numerous analysts believe BTC could soar even higher in the near future, assuming certain factors are in place. The X user, Captain Faibik, predicted a rise above $90,000 should the asset surpass the “crucial resistance level” of $71,300.
On the other hand, Ali Martinez assumed that a pullback is not out of the cards based on the TD sequential, which presents a sell signal on the four-hour chart. This technical analysis tool identifies potential price exhaustion points in the market and indicates when a trend is likely to reverse.
Still, the X user thinks a fresh uptrend could eventually follow the potential setback.
BNB’s Success
The native token of Binance—BNB—has been making the headlines recently. Its price exploded to an ATH of $710 on June 5, while its market capitalization touched the $110 billion mark. Thus, BNB surpassed well-known companies such as Airbnb, Starbucks, UBS, and more.
The new peak was met with huge enthusiasm in the crypto community, with many industry participants envisioning a further rally.
The X users Bluntz and Sheldon The Sniper forecasted a surge toward the $1,000 milestone, while BATMAN revealed that BNB is part of their portfolio. The trader admitted hopping on the bandwagon in 2017 when a single token was worth a mere $0.60.
“Close to 1200x makes it one of my top performers, only being beaten by my RUNE call,” the analyst stated.
FLOKI’s Progress
Another cryptocurrency that recently reached a new peak price is the dog-themed meme coin – Floki Inu (FLOKI). Its market capitalization briefly exceeded the $3.2 billion mark for the first time ever, thus flipping popular altcoins, including Monero (XMR), Arbitrum (ARB), Cronos (CRO), and more.
In the following hours, though, FLOKI’s value slightly retraced, with its market cap plunging below $3 billion. Currently, the token is the 46th biggest cryptocurrency and the fifth-largest in its cohort.
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