The demand for Binance coin has surged considerably in the past 4 weeks and this has resulted in delays across the entire network. It has caused a challenge for retail traders, however, despite working at full capacity, the transactions are nearly smooth for BNB. BNB has come a long way in the past 6 months and the current price action looks like a wave before a final, mega, blow-off top where traders anticipate that the price may be pushed beyond $1000.
The above chart shows that the social volume is increasing, again, since the price has a high correlation with the social volume. The price is currently above the $684 level and a month or so before BNB breaks its ATH, there may be a rapid advance in the price rally.
BNB is currently, unarguably the dominant altcoin across exchanges following Dogecoin. In terms of demand across exchanges, social volume, BNB is number two on derivatives exchanges. This is based on data from Coingecko. HODLing BNB is ideal for traders in the short term since the altcoin hit a new ATH over the weekend.
Based on the above chart, in the short-term (30-days), the ROI is nearly 50%. ROI is higher in the long term. However, based on the current on-chain sentiment, demand has increased since the altcoin hit the next ATH. Though crypto Twitter is anticipating that Binance coin may flip Ethereum, this may be far-fetched, since the network effect has taken ETH’s price above the $4000. Since Binance is one of the top exchanges, despite ETH’s strong network effect and upcoming halving, BNB is likely to rally further.
The transaction volume for #2 altcoin is currently $27 Million, in the past 24 hours and the adjusted NVT ratio is 201.12. This shows that the sentiment is currently neutral. With nearly 3000 active addresses, the demand for Binance Coin is rising and the number of unique and active addresses is increasing, alongside the price rally. In the past 24 hours, the number of transactions on BNB network hit nearly 4000 and this is expected to increase if the price continues rallying.
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