๐ฅ๐ฅBNB is at the top after two years: What is the reason for the rise?
#BNBโฌ the main token of the BNB Chain, the blockchain network connected to the Binance exchange, accompanies the rise in the altcoin market. Marching Tuesday, the BNB price tested $ 355, and then reached $ 488 as of Saturday morning, March 9, breaking the record of the last two years.
Apart from fixed currencies, BNB has the title of the third largest cryptocurrency by market capitalization after Bitcoin and ETH (ETH).
Why is the BNB rising?
The movement of the Binance-linked altcoin bnb may have been influenced by the increased activity on its own blockchain and recent developments. According to data from blockchain tracker Dappradar, the volume of BNB Chain-based decentralized applications (dApps) has increased by 41 percent in the last month, reaching $ 26.3 billion.
While BNB maintains its position as the third largest blockchain in the DApp world, it has surpassed its competitors Ethereum and Arbitrum by a large margin with 5.6 million active addresses. The closest blockchain to Bnb was Polygon, which has 4.73 million active addresses.
Apart from the data obtained from the blockchain followers, it is also possible that the events on the rival exchange Coinbase have a positive impact on BNB. During the days when Bitcoin and altcoin prices rose sharply, the US-based cryptocurrency exchange was unable to provide services to its users many times. The fact that #Binance continues to trade smoothly at the same time may have led to a change in investors' expectations.
Pay attention to these levels for BNB!
Overcoming some critical resistances played an important role in breaking the record of the Binance-linked altcoin bnb in recent years. The token, which exceeded the $ 345 resistance in February with the rise of Bitcoin, continued its rise at full throttle without getting stuck at $ 450.
BNBUSDT 2024
The resistance of $ 510 is of great importance for the BNB to blink at its old record. The most likely level that can support a possible decline is around $ 450.
