Recently, Binance Smart Chain emerged as the top Layer 1 platform with the largest number of BNB users. The volume has also increased noticeably.
The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market cap of around $2.30 trillion, Bitcoin’s latest rise above $63,000 suggests that investor confidence has increased.
BNB is approaching $5 billion TVL
Total Value Locked (TVL) for BNB Chain has been steadily increasing this year and currently stands at almost $5 billion. It is critical to remember that the current uptrend in BNB is responsible for the TVL spike.
Source: DefiLlama
According to data from DefiLlama, this represents a notable increase from the $3.50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance protocols (DeFi) on-chain.
With 425 million unique users, the BNB chain ranked first at the time of publication, according to data from Crypto Rank, which shows the total number of unique users in the top 15 networks.
Top 15 Blockchains by Number of Unique Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao – 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@baseren – 65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9 million@avax – 17.7 million… pic.twitter.com/lGYGfjTaea
— CryptoRank.io (@CryptoRank_io) February 28, 2024
On-chain volume on BNB Chain saw a notable spike this week, peaking at approximately $1.4 billion. According to DefiLlama, this is the largest volume in 2024 and the second highest daily volume in the chain in over a year. An increase in activity indicates that users are more engaged and that the ecosystem has room to develop.
Total crypto market cap is currently at $2.214 trillion. Chart: TradingView.com
BNB crosses $400 level
The price of BNB has recently risen to levels not seen in months, which is quite remarkable. The coin has entered previously unobserved price ranges since April 2022.
The analysis of the 24-hour chart showed that BNB ended trading at a high level. Although there is a slight decline of less than 1% at the time of writing, BNB is still going strong trading at $405.
Source: Coingecko
The excitement surrounding Portal’s airdrop farming campaign for the web3 game project is partially responsible for BNB’s recent price increase. Users were able to participate in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, increasing interest and engagement in the BNB Chain ecosystem.
Meanwhile, the bulls will regain control and be ready to challenge the market’s highest resistance level of $420 this week if the price breaks above the $401 resistance level. If the price stays there, the BNB coin will be ready to test the $435 upper limit in the coming weeks.
The remarkable variation in prices is observed despite Binance being subject to one of the most severe criminal sanctions in United States history. After a judge’s approval, the exchange reached a $4.3 billion settlement covering allegations related to violations of anti-money laundering rules and fines.
Featured image from Pexels, chart from TradingView
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