BNB hits $ 348 as the entire Smart Chain ecosystem flourishes

Tokens from the Binance Chain ecosystem are on the rise today, led by BNB – reaching a new $ 348 ATH today.

Top token based on Binance Chain | Source: Coingecko

The $ 348 level is another major milestone where BNB is hurting in just over a week. On Feb. 9, the coin’s price spiked above $ 100 – an impressive feat, but overshadowed when BNB nearly tripled just 9 days later.

Today, BNB peaked around $ 348 when its market cap exceeded $ 47 billion. The latest bull run pushed BNB to the 3rd place among the biggest cryptocurrencies – right behind Bitcoin and ETH.

At press time, BNB is trading at around $ 305, up over 56% on the day and 146% on the week. In total, the coin has seen some phenomenal growth over the past 30 days, up over 608 percent in the past 30 days.

The entire Binance Chain sector is up more than 103% in the past 7 days.

The number of use cases is increasing

One of the main factors contributing to BNB’s appreciation is that more and more platforms that rely on Binance Chain and Binance Smart Chain (BSC) skyrocket. For example, PancakeSwap – a decentralized exchange (DEX) platform that allows users to swap different types of tokens – has quickly become prominent recently. Although it has its own token, CAKE, it is also using BNB for liquidity pools.

After daily trading volume exceeded $ 1.58 billion today, PancakeSwap has become the largest DEX by this metric, pushing Ethereum-based Uniswap down to 2nd place. CAKE is also deep in the region. green, trading at $ 19.1. Tokens are up 62% on the day and 168% on the week.

Top 5 DEXs by trading volume | Source: CoinMarketCap

Venus (SVX) is another platform in the BSC ecosystem that recently blew competitors away. Over the past 24 hours, it generated a trading volume of around $ 29.6 billion and now accounts for 88.02% of the entire DEX sector, according to CoinMarketCap.

As reported, the DeFi platforms on Binance Smart Chain thrived over the past month in large part thanks to Ethereum’s constantly rising transaction fees.

According to crypto data platform Blockchair, the average transaction fee on Ethererum has risen above $ 24 recently, making blockchain quite expensive to use for crypto enthusiasts.

Leave a Reply