Binance Coin Is Back in the Race! BNB Price Set to $1K?
Binance Coin (BNB) was the undisputed winner on the top properties, with a profit of 709%, according to crypto research firm Messari. BNB appears to continue its rally, trailed by ADA (557%) and UNI.
According to research conducted by Roberto Talamas, the advent of the Binance Smart Chain fueled Binance Coin’s rally (BSC). BSC outperformed Ethereum’s market share, making it a cheaper and quicker choice for users.
Additionally Talamas says that the token took advantage of Binance’s high trading volume “and earnings fuelled by white-hot crypto markets.” PancakeSwap, one of BSC’s most successful protocols, was also one of the top winners in recent months.
Binance Smart Chain has quickly become the most used smart contract platform next to Ethereum and has benefitted from Ethereum’s rising transaction fees, and accelerated volumes and earnings fueled by white-hot crypto markets. These developments created the perfect environment for BNB to reach new all-time highs.
Binance Coin Market Sentiments
After a quick recovery from the recent correction, Binance Coin (BNB), the world’s third largest digital currency, regained the critical price level of $400 on Thursday. The crypto asset is currently trading around $472.94 and has a market capitalization of more than $73 billion as of this writing. BNB remained the best-performing cryptocurrency among the top 3 digital assets.
The latest rally in Binance Coin has contributed a lot towards the overall surge in the crypto market cap. BNB’s market cap is approximately $20 billion more than XRP, the 4rth largest digital currency.
According to Kaleo:
Popular trader and analyst kaleo predicts that the token is up for a massive rally, shakeout, and will give rise to a new ATH. In the short term, BNB could attain a period of accumulation as it prepares for the next rally, Kaleo said:
All in on $BNB and $FTT (…) One more flight. One more leg up for BNB and FTT.
Also Trader “Bitcoin Printer” is bullish on binance coin and notes that BNB could go north of $510 with more upside in the coming months. The trader said:
IF RSI breaks out and invalidates the bear div.. holy moly.. It seems to happen.. this is insane.. but also 161,8% extension.
Analyst Checkmate said the following on BNB’s future:
Straight up, the single biggest upset this bull could deliver would be a BNB flip of ETH. Even if it was just for a day, it would be one for the CT history books.
According to Crypto analyst lark Davis the BnB market is exploding now and it has firmly positioned itself as the second most popular platform by BSC users. Also one of the largest centralized exchanges where this is constantly in use via launch pools and feel discounts. Sooner rather than later, $1,000 BNB will be available.
Top Reasons Behind Binance’s Price Surge
Highest Exchange Volume
The first one being, it is now the largest Dex, all thanks to high gas fees on Ethereum. It is topping the charts on various metrics. In the spot volume, it has a trading volume of $21Billion, and in the derivatives exchange, it’s on top with a $40Billion volume.
This great volume will pave the way to burn more coins, making them scarce and spiking the prices.
The BSC Ecosystem is on a Roll
The Binance Smart Chain ecosystem is flourishing quickly. This is because there are many projects on the blockchain like Chainlink, Oracle’s partnership, Anchor, stablecoins, and DeFi – NFT projects. One of them is Pancakeswap, the biggest Dex currently.
The amount of daily transactions done of BSC is 2.6 Million, whereas it is just 1.2 Million transactions on Ethereum.
15th Coin Burn – the Biggest burn?
BNB coin burn is just around the corner and this time it is going to be the biggest burn of all time considering the increased volume. This time the number of BNB coins burnt will be lesser than the last 14 days because since then the prices have increased massively.
Overall BNB chart, the chart is clearly a bullish one, the prices will further breakout into an upward trend. If the break out turns good, by the end of April the price should be $460.