Bitcoin (BTC) Price Resurgence, Binance Coin (BNB) Hits New ATH and Meme Coins Fiesta: Bit Recap June 6

TL;DR

Bitcoin rose to $71,700 amid record inflows in local US Bitcoin ETFs. BNB hit an all-time high of $710, breaking the market caps of major companies, with forecasts suggesting it could reach $1,000. Floki Inu’s market cap peaked at over $3.2 billion before pulling back slightly. BTC heads back north

The price of the major cryptocurrency has been on an upward trend in recent days, reaching as high as $71,700 on June 5. Currently, it stands at the $71,000 mark (according to CoinGecko data), which represents an increase of 11% on a monthly basis.

The resurgence coincided with record numbers related to domestic Bitcoin ETFs in the US. These products witnessed a total inflow of nearly $900 million yesterday, the second best day since their approval in January.

Numerous analysts believe that BTC could rise even higher in the near future, assuming certain factors are in place. User X, Captain Faibik, predicted a rally above $90,000 should the asset break above the “crucial resistance level” of $71,300.

On the other hand, Ali Martínez surmised that a pullback is not out of the cards based on the sequential TD, 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 reversal is likely.

Still, user X believes that a new uptrend could end after the potential pullback.

The success of BNB

Binance’s native token, BNB, has been in the headlines recently. Its price exploded to an ATH of $710 on June 5, while its market cap reached $110 billion. Thus, BNB outperformed well-known companies such as Airbnb, Starbucks, UBS, among others.

The new peak was met with great enthusiasm in the crypto community, with many industry participants anticipating a further rally.

Users X Bluntz and Sheldon The Sniper predicted a rise towards the $1,000 milestone, while BATMAN revealed that BNB is part of his portfolio. The trader admitted to jumping on the bandwagon in 2017 when a single token was worth just $0.60.

“Close to 1200x makes it one of my best results, only beaten by my RUNE call,” the analyst said.

FLOKI’s progress

Another cryptocurrency that recently hit a new price high is the dog-themed meme coin – Floki Inu (FLOKI). Its market cap briefly surpassed the $3.2 billion mark for the first time, turning popular altcoins such as Monero (XMR), Arbitrum (ARB), Cronos (CRO) and more.

In the hours that followed, however, FLOKI’s value retreated slightly, with its market cap falling below $3 billion. The token is currently the 46th largest cryptocurrency and the fifth largest in its cohort.

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