Binance
Why Binance Coin can be the next altcoin to reach a new ATH
BNB is one of the top gainers this week as it extends its bullish run. Is a new all-time high on the horizon?
- BNB drew closer to a new ATH after delivering a robust recovery from August lows.
- Exploring BSC’s performance as the network aims to boost activity through new projects.
The Binance Smart Chain’s native cryptocurrency, Binance Coin [BNB], continued to extend its gains and a new ATH could be on the horizon. It has outperformed most of the top cryptocurrencies, including Bitcoin [BTC].
But just how well has it performed?
BNB exchanged hands at $583 at press time, after rallying by 44.11% from its lowest price this month.
Like most cryptocurrencies, it tanked at the start of the month, but its press time price level indicated that it had recovered to pre-crash levels.
Its RSI indicated more room for upside before it enters overbought territory.
Source: TradingView
Most top cryptocurrencies are currently trading at significant discounts from their ATHs. BNB is only a 23% gain a way from achieving a new ATH.
Binance Smart Chain announces new upcoming projects
Part of the reason for BNB’s performance is robust demand for BNB is its DeFi ecosystem. Speaking of, the Binance Smart chain is expanding through new projects.
The BSC has revealed that it will add four new projects into its Builder program.
These projects may offer more investment opportunities in the BSC ecosystem. In addition, they should contribute to the demand for BNB.
BSC’s TVL peaked above $22 billion at the height of the 2021 rally. Just like most top blockchain networks, its TVL embarked on a ruthless downturn during the subsequent crypto winter.
TVL bottomed out at $164 million in October 2023.
Source: DefiLlama
The Binance Smart chain’s TVL has since recovered to $4.39 billion as at press time. A significant recovery but still way below its previous high. BSC’s on-chain volume also demonstrated a similar observation.
The network averaged billions in daily volumes during the previous bull run. Daily volumes have since dropped to the $400 million to $600 million range, which is still impressive nonetheless.
Read Binance Coin’s [BNB] Price Prediction 2024-25
Transactions on the BSC have also maintained a relative range between 2 million and 4 million in the last two years.
This was aside from the few outliers, which included a brief period when transactions soared as high as 12.8 million transactions in December 2023.
Source: DefiLlama
