Cryptocurrencies such as Bitcoin and others gained popularity all over the world. Another interesting cryptocurrency Binance Coin. As a reminder, it is the native cryptocurrency of the world’s largest cryptocurrency exchange, Binance. Interestingly, it is used to reduce trading fees on the platform, with its price increasing when there are more traders on the exchange.
People should keep in mind that, Binance Coin’s (BNB) price jumped as high as $175.95 on massive exchange inflows on Wednesday. Importantly, massive retail money inflows brought BNB above $170 as well as pushed it into price discovery territory.
It is worth noting that, Binance Coin posted week-over-week gains of 22.36%, outperforming both BTC’s week-over-week gains of 14.47% as well as ETH’s 4.14% gain. People should keep in mind that, Binance Coin is one of the largest cryptocurrencies when it comes to market capitalization. At the moment, BNB is the fourth-largest cryptocurrency by market capitalization.
Binance Coin and main findings
Interestingly, Binance Coin has been in an uptrend for quite a while, with each bull cycle speeding up its price gains. Moreover, BNB has, after taking some time to establish its presence around the $130 zone, pushed past the $150 resistance and entered price discovery mode.
It is worth noting that, with the 21-day and 50-day EMAs so far away from the current price, Binance Coin will have to rely on its Fib retracement levels and the zone between $148 and $150 to be their main support levels.
BNB has seen its second major rally in February, culminating in a new all-time high of $195 on Thursday. Importantly, thanks to the current price rally Binance Coin became the fourth-largest cryptocurrency in terms of market capitalization.
Moreover, BNB’s current rally has also come amid another 24-hour trading record for the exchange token. Interestingly, BNB’s 24-hour volume is at $8.3 billion as of the time of writing which is significantly higher than the $7.52 billion set during the previous all-time high rally on February 10.
Moreover, BNB is enjoying the effects of the significant increase in activity on the Binance Smart Chain (BSC). The total value locked on the Bitcoin Smart Chain is up over 20% in the last 24 hours and now stands at about $8 billion. Furthermore, this figure puts BSC’s total value locked at about a fifth of Ethereum’s DeFi scene.
It is desirable to pay more attention to the BNB volume, as well as Binance exchange inflows and outflows to determine the BNB’s best result.
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