BNB might be impacted by Binance’s latest announcement
- Binance released shared details of its hot and cold wallet addresses.
- MVRV Ratio and Daily active addresses up
A trend reversal is currently happening in the entire crypto market. BNB was not left behind as it registered positive growth, at press time, both in an hour and over the last day.
According to CoinMarketCap’s data, though BNB’s weekly gains were negative, its price increased by over 5% in the last 24 hours, which looked pretty promising.
Read BNB’s Price Prediction 2023-24
At press time, BNB was trading at $295.55 with a market capitalization of more than $47.5 billion. However, is this hike only because of the bullish market, or were there any updates that might have had a role to play in this uptick?
Interestingly, several developments took place over the last few days that might have fueled this surge. For instance, as part of its ongoing commitment to transparency and fostering trust in the ecosystem, Binance recently shared details of their hot and cold wallet addresses.
With this, Binance wanted to allow the users to make better informed decisions regarding their financial goals.
Here is the good news for BNB
According to CoinMarketCap, BNB has been dominating the crypto conversation at CMCCommunity. Not only this, but BNB also topped the list of the top 15 cryptos that were trending on Binance. Both these updates reflected the popularity of BNB.
— ?? CryptoDiffer – StandWithUkraine ?? (@CryptoDiffer) November 9, 2022
Its on-chain metrics also had some good news for the investors, as they suggested a continued price hike. For example, BNB’s MVRV Ratio, after declining sharply, registered an uptick on 11 November, which is a bullish signal.
The daily active addresses were also up, indicating that more users were interacting on the network.
This might be concerning
While the aforementioned metrics gave investors hope, a few of them did not align with investors’ interests as they hinted at an anticipated price decrease in the coming days. After registering an unprecedented surge in volume of over 100%, the metric went down considerably.
BNB’s network velocity also followed the same route and decreased over the last week, which is yet another negative signal.