The trading price of Binance Coin (BNB) has reportedly experienced a significant bounce. BNB, which is the native token on the BNB chain of Binance has recorded a tremendous surge in recent trading sessions.
BNB Coin Records a 66% Surge
In the latest cryptocurrency market trading session, the trading price of BNB recorded a 66% surge. The surge has pushed the trading price of BNB Coin to a high of $300 per BNB.
Prior to the jump, the trading price of Binance Coin was at a low of $183 per BNB. As per records, the $183 price being recorded by BNB was the same low price it had hit back in mid-June.
The move has helped Binance Coin consolidate its position among the top cryptocurrencies as the third-largest cryptocurrency. At present, the market valuation of Binance Coin is at a high of $50 billion.
The performance of BNB has been much better than the performance of other major cryptocurrencies. The price of BNB has continued surging despite the devastating pull of the overall market valuation of the entire cryptocurrency industry.
Binance Coin’s performance has been better compared to the rest even after the huge (73%) dip the crypto-verse suffered back in November 2021.
According to many market analysts, it is not a dip but a correction that was overdue for the cryptocurrency market.
Binance Chain has Continued Expanding
As the cryptocurrency market suffered from huge losses in early 2022, it was witnessed that the valuation of BNB was affected as badly as the others.
While the major cryptocurrencies have suffered from 55% above YTD dips, BNB’s YTD dip has been less than 45%.
This is a significant indication that the price of BNB has recovered faster than the rest of the cryptocurrencies.
Even the market dampness has not pushed BNB back as bad as the rest of the cryptocurrencies. This is because the user base has continued rising on the Binance Chain.
With more adoption, the demand and valuation for BNB have continued to rise. At present, more than 1.98 million active addresses are interacting with Binance Chain, which is a great achievement for the network.
Smart Contract Deposits are high on BNB Chain
Compared to the TVL of other blockchains except for Ethereum, BNB Chain has a TVL worth $5.5 billion. This is more than the double TVL recorded on Polygon (MATIC) and Avalanche (AVAX) blockchains.
Trading Volumes are rising on BNB
Another factor helping BNB Coin over the rest of the majors is the trading volume that is constantly rising for the token.
The token is in high demand because many investors trust BNB Coin over others due to its credibility. As the token is powered by Binance, the largest cryptocurrency exchange, it has a strong demand in the market.
These are the factors that are currently supporting BNB and they may continue doing the same in near future.