The popular altcoin Binance Coin (BNB) has reached a new historic high, surpassing its all-time high. Recently, Binance’s native currency BNB hit an all-time high of $ 641.86, according to data provided by CoinMarketCap.
Popular altcoin Binance Coin (BNB) reaches a new historic peak
Binance Coin reached its previous ATH at $ 628 on April 12. Since then, BNB has added $ 2 billion to its market cap, reaching a total of $ 97.1 billion at the time of writing. One of the possible reasons for cryptocurrency to rise to the new historic price level is the recent announcement by Binance to launch its own market for non-fungible tokens (NFTs) in June.
The users here can make, buy and sell NFTs without any problems. In addition, Binance Smart Chain (BSC) remains a major competitor to Ethereum for decentralized finance applications with fees that are incomparably lower than the second largest blockchain. At the time of writing this article, BNB is trading at $ 633 on the Binance exchange.
Analysts: Binance Coin basically looks strong to continue the uptrend
The market cap of Binance Coin (BNB) has skyrocketed, helping BNB replace XRP with the third highest market capitalization. Now, according to some analysts like Selena, Binance Coin looks fundamentally strong to continue its uptrend and target new all-time highs. After making 100% earnings since the beginning of the month, Binance Coin is now showing great demand for BNB and the Binance ecosystem, right behind Bitcoin and Ethereum.
The increasing demand for Binance Coin is due to the success of Binance Smart Chain (BSC). Transaction volume has surpassed those of Ethereum and speculators claim the protocol will be the world’s primary payment tier. According to BSCScan, daily transactions at BSC exceeded 9 million on April 21, 25,700 times higher than at the beginning of the year. Meanwhile, big investors are saving up on the popular altcoin Binance Coin at an exponential rate. Data on the chain shows a significant increase in addresses containing millions of dollars of Binance Coin.
Analysts: Increasing activity on the net and demand from whales may accelerate the price
According to the latest data, about 28 new addresses with 10,000 to 1,000,000 BNB joined the network in the past three weeks, with an increase of 17% during this period. At current prices, these whales hold between $ 60 million and $ 600 million in BNB. The Market Value (MVRV) measurement, which measures the average profit or loss of addresses to buy BNB tokens, entered the “opportunity area” on April 24.
When this metric dropped below 0%, the popular altcoin Binance Coin took action. Since then, BNB has increased by more than 20%, while the 30-day MVRV has risen to 13%. According to analysts, the BNB still has a lot to go, although the recent increase has been significant. There was a 190% price increase at the end of March, when the last MVRV fell below 0% in 30 days. Given the growing activity on the network and the growing demand from whales, BNB is essentially maintaining a strong momentum, according to some analysts.