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Does noteworthy performance on all fronts ensure a good November for Binance

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Source : Unsplash

It is rare to see 3 different sectors of finance associated with a single name perform equally well, and Binance is the one that made it happen. This week alone Binance, had a significant impact on all 3 spaces because the rise witnessed in all 3 sectors contributed to a good end to October.

Well done Binance! 

Binance is one of the most important companies in the crypto space as it is the biggest crypto exchange platform in the world. Secondly, it has the second largest DeFi chain – the Binance Smart Chain, and finally the third biggest asset in the crypto market, the Binance Coin (BNB).

However, it is rare to see all 3 of them perform so well that it makes you wonder if they are all triggered by each other.

This week Binance exchange had a very good run as the volumes peaked at $78 billion in a single day which marked the highest volumes in over a month. Although it did slide back down to $48 at the time of this report.

Binance trading volume | Source: Nomics

Binance Coin too did not hold back and the token marked a 9% rise throughout the week. In fact, it went up by 18.06% in just 2 days on 28 October and 29 October, 2021.

Binance Coin price action | Source: TradingView – AMBCrypto

In the DeFi sector, the Binance Smart Chain displayed a phenomenal performance. For almost a month now, Polygon had been surpassing it on all fronts but this week:

  1. Participation increased by 7.6% which placed BSC back in the no. 2 spot after Ethereum
  2. An average of 1.6 million addresses was created between 22-25 October and active addresses too went up by 32.89%.
  3. Consequently, the number of daily transactions on-chain created history as they breached past the 10 million transactions barrier, which is 10x more than that of Ethereum and 3x more than Polygon’s.

Binance smart chain transactions | Source: Coin98

As a result of the increase in transactions, the daily gas usage on the network also increased to July – August NFT height levels.

BSC gas usage | Source: BSCScan

While a good week is always important in the growth of an asset or a company, this is the end of October, which leaves market participants with hopes for a good November.

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Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.