Binance Coin (BNB), the BSC Chain token, is outperforming the rest of the market. While the rest of the market is mostly red today, BNB just started today with an 8% gain. This recovery helped the currency reach its highest price level in six months.
Can BNB beat the $300 price?
The big question now is whether BNB has what it takes to break the $300 price tag. Could this be the moment that BNB takes over the spotlight from Solana?
Solana is already up 1,000% this year and it appears that some investors are now withdrawing their profits and then transferring them to BNB. While Solana is down 7.70% today, we see BNB up almost exactly 7.70%.
Previously, BNB was ranked 4th on CoinMarketCap, but Solana’s massive gains saw it drop to 5th. Now, however, BNB appears to be gaining momentum again and could launch an attack on Solana to regain 4th place.
Why is the BNB price rising?
The price of BNB currently appears to be rising as user activity increases dramatically.
For example, the total value locked on the Binance blockchain platform increased by 15% last month. According to these statistics, this puts it in third place, after Ethereum and Tron.
Strangely enough, even though Solana’s market capitalization is higher than BNB’s, it lags behind. However, this seems to be mainly due to the many memecoins that are currently running extremely well on Solana, which has created a lot of excitement around the blockchain.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
