Binance Coin looks fundamentally strong to resume its uptrend and target new all-time highs

The market capitalization of Binance Coin (BNB) has reached $ 94,671,650,452, helping BNB reach the third place on the top 100 highest market capitalization coin, taking XRP’s place, pushing Ripple’s native token. down to the fourth place.

binance-coin-looks-fundamentally-strong-to-resume-its-uptrend-and-target-new-all-time-highs

BNB/USD 4-hour chart | Source: TradingView

Binance Coin looks fundamentally strong to resume its uptrend and target new all-time highs

After gaining 100% since the beginning of the month, Binance Coin is now just behind Bitcoin and Ethereum, showing great demand for BNB and the Binance ecosystem.

The growing demand for Binance Coin has been driven by the success of Binance Smart Chain (BSC). Transaction volume has surpassed those on Ethereum, leaving speculators claiming the protocol will become the world’s primary payment layer.

According to BSCScan, daily transactions on BSC surpassed 9 million on April 21, an increase of 25,700 times compared to the beginning of the year. Meanwhile, major investors have been accumulating Binance Coin at an exponential rate. On-chain data shows a significant increase in addresses containing the millions of dollars of Binance Coin.

cac-so-lieu-on-chain-cho-thay-binance-coin-co-kha-nang-tang-gia-manh-hon-nua-trong-thoi-gian-toi

Binance Smart Chain Daily Transactions | Source: BSCscan

As the image below shows, about 28 new addresses holding between 10,000 and 1,000,000 BNB have joined the network in the past three weeks, a 17% increase in that period. At current prices, these whales hold between $ 60 million and $ 600 million BNB.

The Market Value to Realized Value (MVRV) metric, which measures the average profit or loss of addresses to buy BNB tokens, entered the “area of ​​opportunity” on April 24. When it fell below 0%, signaling that Binance Coin has been undervalued. Since then, BNB has increased by more than 20%, while the MVRV for 30 days has increased to 13%.

Although the recent increase is also significant, BNB still has many areas of increase. The last time MVRV in 30 days dropped below 0% was at the end of March, followed by a 190% price increase. Considering the increased activity on the network and the growing demand from whales, BNB essentially maintains strong momentum.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS