Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume.
The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000 suggests that investor confidence has increased.
BNB Approaches $5 Billion TVL
Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to $5 billion. It’s crucial to remember that the current upward trend in BNB is what’s responsible for the TVL spike.
Source: DefiLlama
According to data from DefiLlama, this represents a notable rise over the $3.50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance (DeFi) protocols on the chain.
With 425 million unique users, BNB chain held the top spot at the time of publication, according to Crypto Rank data, which displayed the total number of unique users across the top 15 networks.
Top 15 Blockchains by the Number of Unique Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao – 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@base – 65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9M@avax – 17.7M… 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 about $1.4 billion. According to DefiLlama, this is the greatest volume seen in 2024 and the second-highest day volume on the chain in more than a year. An increase in activity suggests 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 Breaches $400 Level
The price of BNB has recently increased to levels not seen in months, which is quite notable. The coin has moved into previously unobserved price ranges as of April 2022.
The 24-hour period chart analysis showed that BNB ended trading on a high note. Though there has been a slight decline of less than 1% as of this writing, BNB is still trading at $405.
Source: Coingecko
The excitement around the web3 game project Portal’s airdrop farming campaign is partly responsible for the recent increase in BNB’s price. Users were able to take part in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, which increased interest and engagement in the BNB Chain ecosystem.
Meanwhile, bulls will retake control and be ready to challenge the market’s upper resistance level of $420 this week if the price moves over the resistance level of $401. If the price stays there, the BNB coin will be ready to try testing its upper limit of $435 in the following weeks.
The notable variation in pricing is observed despite Binance being subjected to one of the most serious criminal penalties in the history of the United States. Following the consent of a judge, the exchange reached a plea agreement amounting to $4.3 billion, which pertained to allegations associated with violations of anti-money laundering regulations and penalties.
Featured image from Pexels, chart from TradingView