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BNB Weekly Active Addresses Surge Over 6%
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BNB Weekly Active Addresses Surge Over 6% – Is A Rally On The Way?

Christian Encila
Christian Encila
8 months ago
3 mins read
BNB

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Since March, the price of BNB, previously also known as Binance Coin, has barely fallen below $500, despite the broader crypto market downturn. Following heavy losses from major cryptocurrencies, BNB has shown some impressive resistance to the price drop, supported by strong demand.

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Despite this strength, the latest BNB price forecast by CoinCodex still estimates the coin could rise by 25% and reach $650 by October 10, 2024. Meanwhile, investor sentiment is bearish, and the Fear & Greed Index also stands at 33, reflecting that uncertainty in the market.

This mixed outlook brings up questions about BNB’s near-term trajectory. While there might be a possibility of growth in the long run, short-term conservatism is required, more so from the recent coin volatility and broader market dynamics.

BNB’s Sideways Movement And Strong Demand

Since March, BNB has moved within a sideways pattern that posts heavy ups and downs. However, after every fall, BNB has strongly rebounded above $500, meaning that there is strong demand for the coin. For instance, on September 6, it fell as low as $470 but later rebounded to trade at $520 at press time.

Source: Dune Analytics

This is also in line with the rising expectations of an altseason, as a decline in Bitcoin dominance tends to boost altcoins like BNB. Investors seem confident that BNB might continue profiting from this trend in a way that it always has historically when stronger demand for alternative cryptocurrencies was triggered.

On-Chain Data: Activity And Network Demand

Recent on-chain data from Dune Analytics points to both some promising and concerning trends in BNB. The number of active addresses on the Binance Smart Chain increased by 6% week-over-week, indicating that more people are interested in getting on the network.

This increase in active addresses did not, however, reflect a similar uptick in transaction volumes, which declined 1.1% over the week, hinting that increased participation has not yet translated into strong network activity.

BNB market cap currently at $76 billion. Chart: TradingView.com

The decline in network fees also reflects reduced activity, which may have an effect on the path that the BNB price may take. To be sure, high network usage has always seen relatively high demand for the BNB historically, and its prolonged depressed activity can cap the upside potential of the coin.

A Rally Around The Corner?

Some analysts think it could be set up for a run, despite the bearish sentiment and recent price swings, particularly once altseason starts to heat up. Usually, when Bitcoin dominance weakens, that allows other assets to capture market attention and capital, which is where altcoins, especially BNB, tend to do well.

While the projection for a 25% gain in price by CoinCodex could be the sort of thing that might suggest that BNB will continue to rise, the short-term prospects for the token remain uncertain.

Source: CoinCodex

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While the coin did manage to post green days of 47% over the last month, the price volatility of 4.62% still showed risks. The bearish sentiment and market fear, along with mixed network activity, all imply prudence by investors in the immediate future.

BNB may very well persist with its resilience and probably grow even more. This crypto asset is one to keep an eye on. But with mixed signals in on-chain data and markets feeling their way cautiously, the risks involved should be considered first before investors dabble into the digital asset.

While a rally is most definitely possible, the market has not ended fluctuations just yet, and that short-term volatility may still be an issue.

Featured image from Zipmex, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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