- BNB drew closer to a new ATH after delivering a robust recovery from August lows.
Exploring BSC’s performance as the network aims to boost activity through new projects.
As a seasoned researcher who has weathered numerous market cycles and trends, I must say that the recent performance of Binance Coin (BNB) is nothing short of impressive. The robust recovery from August lows and the steady approach towards a new ATH is a testament to its resilience and potential for growth.
On Binance Smart Chain, the native currency, Binance Coin (BNB), is seeing further growth, hinting at a potential new all-time high. Notably, it has surpassed many leading cryptocurrencies, such as Bitcoin [BTC], in its performance.
But just how well has it performed?
At the moment of reporting, BNB was traded at approximately $583, marking a 44.11% surge from its lowest point this month.
Similar to many cryptocurrencies, it experienced a dip at the beginning of the month; however, its current price suggested that it had bounced back to where it was before the decline.
Its RSI indicated more room for upside before it enters overbought territory.
As a researcher delving into the world of cryptocurrencies, I find myself observing that many leading digital assets are presently trading at sizable reductions from their All-Time Highs (ATHs). Interestingly, Binance Coin (BNB) is just 23% away from surpassing its previous ATH, offering a potential opportunity for those interested in this dynamic market.
Binance Smart Chain announces new upcoming projects
One factor contributing to BNB‘s success is the strong interest in BNB due to its Decentralized Finance (DeFi) environment. By the way, the Binance Smart Chain is growing as it takes on more and more projects.
The BSC has revealed that it will add four new projects into its Builder program.
As a researcher delving into the Binance Smart Chain (BSC) ecosystem, I’ve come across several promising projects that could potentially expand investment avenues within this space. These ventures are expected to boost the appeal of BNB by driving up its demand.
As a crypto investor, I witnessed a remarkable high for Binance Smart Chain (BSC) when its Total Value Locked (TVL) surpassed $22 billion at the peak of the 2021 bull run. However, much like other leading blockchain networks, BSC’s TVL embarked on a relentless slide during the subsequent crypto winter.
TVL bottomed out at $164 million in October 2023.
As an analyst, I’ve noticed that the Total Value Locked (TVL) in the Binance Smart Chain has rebounded to approximately $4.39 billion at this moment. While this is a substantial recovery, it’s important to note that it’s significantly lower than its previous peak. Similarly, the on-chain volume of BSC appears to be following a similar trend.
During the last bull market, the network typically processed billions of dollars in transactions every day. Currently, however, that figure has decreased to between $400 million and $600 million, a significant drop but still an achievement worth noting.
Read Binance Coin’s [BNB] Price Prediction 2024-25
Over the past two years, transactions on the Binance Smart Chain (BSC) have generally stayed within a specific bandwidth, fluctuating between approximately 2 million and 4 million transactions.
Apart from some exceptions, there was a spike in transactions, peaking at approximately 12.8 million in December 2023, that didn’t typically occur.
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2024-08-23 09:11