koinmilyoner
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Bullish
Can Binance Coin recover and surpass Ethereum?
Ranked among the worst-performing top-five cryptocurrencies with a 4.8% drop, Binance Coin (BNB) has failed to keep pace with the wider market this year.
Stablecoins have been steadily flooding BNB Chain (formerly Binance Smart Chain)'s ecosystem.
As its use cases grow, including distributed financial (DeFi) applications as well as even meme currencies, $2.3 billion worth of stablecoins have entered BNB Chain since January 1 last year.
bsc gets stablecoin inflows valued $2.3 billion.
Binance Chain provides less costs and quicker transaction speeds than Ethereum. Still, as Ethereum is considered to be the more distributed choice, its total value locked (TVL) stays only a fraction of that.
Binance runs BNB Chain mostly, and the crypto community has expressed worries about the fact the exchange mostly funds and controls their validator network. Should Binance encounter financial or operational difficulties, this reliance might cause problems.
Changpeng Zhao, the creator of Binance and previous CEO, tried to raise awareness of the network's use cases last week by sharing a picture of his dog and interacting with meme currencies developed on BNB Chain inspired by Broccoli.
With the wider crypto market showing notable weakness, BNB witnessed a three-day loss of almost 7% on Thursday, sliding from over $720 to its present price of $672.4.
BNB shows a 7-day gain of 10.3%, hence it stays in positive territory for the week despite this temporary dip.
In ten of the previous twelve trading sessions, the value of BNB has been growing. The token hit a lower high, but it seems that bullish momentum is still running strong and may cause another break movement toward the $700 level.
Looking forward, a retest of the $800 psychological barrier might be made possible by a break over $730, therefore offering a 9.6% short-term upside.
#BNBChainMeme #Ethereum #MarketLiquidation #BinanceAlphaAlert $BNB $ETH
Ranked among the worst-performing top-five cryptocurrencies with a 4.8% drop, Binance Coin (BNB) has failed to keep pace with the wider market this year.
Stablecoins have been steadily flooding BNB Chain (formerly Binance Smart Chain)'s ecosystem.
As its use cases grow, including distributed financial (DeFi) applications as well as even meme currencies, $2.3 billion worth of stablecoins have entered BNB Chain since January 1 last year.
bsc gets stablecoin inflows valued $2.3 billion.
Binance Chain provides less costs and quicker transaction speeds than Ethereum. Still, as Ethereum is considered to be the more distributed choice, its total value locked (TVL) stays only a fraction of that.
Binance runs BNB Chain mostly, and the crypto community has expressed worries about the fact the exchange mostly funds and controls their validator network. Should Binance encounter financial or operational difficulties, this reliance might cause problems.
Changpeng Zhao, the creator of Binance and previous CEO, tried to raise awareness of the network's use cases last week by sharing a picture of his dog and interacting with meme currencies developed on BNB Chain inspired by Broccoli.
With the wider crypto market showing notable weakness, BNB witnessed a three-day loss of almost 7% on Thursday, sliding from over $720 to its present price of $672.4.
BNB shows a 7-day gain of 10.3%, hence it stays in positive territory for the week despite this temporary dip.
In ten of the previous twelve trading sessions, the value of BNB has been growing. The token hit a lower high, but it seems that bullish momentum is still running strong and may cause another break movement toward the $700 level.
Looking forward, a retest of the $800 psychological barrier might be made possible by a break over $730, therefore offering a 9.6% short-term upside.
#BNBChainMeme #Ethereum #MarketLiquidation #BinanceAlphaAlert $BNB $ETH
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