BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details
01 März 2024 - 9:17AM
NEWSBTC
Recently, the Binance Smart Chain emerged as the top Layer 1
platform with the biggest number of BNB users. There has also been
a noticeable increase in its volume. Related Reading: Bitcoin
Ascent To $64,000 Causes Coinbase To Crash – Here’s What Happened
The optimistic outlook for the cryptocurrency market as a whole has
also contributed to BNB’s success. With a market capitalization of
around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000
suggests that investor confidence has increased. BNB Approaches $5
Billion TVL Total Value Locked (TVL) for BNB Chain increased
steadily this year and is currently close to $5 billion. It’s
crucial to remember that the current upward trend in BNB is what’s
responsible for the TVL spike. Source: DefiLlama According to data
from DefiLlama, this represents a notable rise over the $3.50
billion reported at the beginning of the year and illustrates the
growing presence of decentralized finance (DeFi) protocols on the
chain. With 425 million unique users, BNB chain held the top spot
at the time of publication, according to Crypto Rank data, which
displayed the total number of unique users across the top 15
networks. Top 15 Blockchains by the Number of Unique
Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao
– 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@base –
65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9M@avax
– 17.7M… pic.twitter.com/lGYGfjTaea — CryptoRank.io
(@CryptoRank_io) February 28, 2024 On-chain volume on BNB Chain saw
a notable spike this week, peaking at about $1.4 billion. According
to DefiLlama, this is the greatest volume seen in 2024 and the
second-highest day volume on the chain in more than a year. An
increase in activity suggests that users are more engaged and that
the ecosystem has room to develop. Total crypto market cap is
currently at $2.214 trillion. Chart: TradingView.com BNB Breaches
$400 Level The price of BNB has recently increased to levels not
seen in months, which is quite notable. The coin has moved into
previously unobserved price ranges as of April 2022. The 24-hour
period chart analysis showed that BNB ended trading on a high note.
Though there has been a slight decline of less than 1% as of this
writing, BNB is still trading at $405. Source: Coingecko The
excitement around the web3 game project Portal’s airdrop farming
campaign is partly responsible for the recent increase in BNB’s
price. Users were able to take part in Portal’s PORTAL token
airdrop thanks to Binance’s Launchpool integration, which increased
interest and engagement in the BNB Chain ecosystem. Related
Reading: Ethereum Bulls Get Aggressive As Traders Set Sights on
$4,000 Amid Market Frenzy Meanwhile, bulls will retake control and
be ready to challenge the market’s upper resistance level of $420
this week if the price moves over the resistance level of $401. If
the price stays there, the BNB coin will be ready to try testing
its upper limit of $435 in the following weeks. The notable
variation in pricing is observed despite Binance being subjected to
one of the most serious criminal penalties in the history of the
United States. Following the consent of a judge, the exchange
reached a plea agreement amounting to $4.3 billion, which pertained
to allegations associated with violations of anti-money laundering
regulations and penalties. Featured image from Pexels, chart from
TradingView
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