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.

Binance Coin (BNB) is up nearly 1,900% since the March low – market cycles

Binance Coin (BNB) has risen significantly since March 2020 and has continued to hit new all-time highs at $ 200 on Feb. 18, 2021.

Binance Coin is currently in third market cycle. This cycle has seen unprecedented growth in BNB.

During this period, BNB has exploded, up almost 1,900% from its March 2020 low below $ 10.

The first cycle of Binance Coin

BNB’s first market cycle started as low as $ 0.5 on November 17, 2017. It was followed by a 4,936 percent gain in just 67 days. This number culminated with a high of $ 25.18, reached on January 12, 2017. This level remains the all-time high for BNB until April 2019.

After reaching the highest level, BNB is down 84% in 329 days. This is a major correction, but it is more gradual than the previous up move.

BNB descends until it reaches as low as $ 4.12 on December 7, 2018. After that, BNB begins its second cycle.

Daily BNB / USDT chart

Second cycle

The second cycle is much slower than the first.

BNB rose 861% over a period of 197 days, peaking at an all-time high of $ 39.59 on June 22, 2019. This all-time high remained until December. year 2020.

Interestingly, when BNB broke out of its previous all-time high, it dropped significantly before regaining losses.

Unlike the up move, the next correction is almost identical to the first one. BNB decreased 84% over 265 days in this correction.

After hitting a low of $ 6.30 on March 13, 2020 – very close to the previous low of $ 4.12 – BNB begins its third and current market cycle.

Daily BNB / USDT Chart

Third cycle

The third market cycle started with the aforementioned March 13 low and is still ongoing.

So far, BNB has gained 1,885% since then without experiencing a significant pullback.

After it crossed the previous all-time high, BNB returned to confirm it as double support and has risen ever since.

On February 18, 2021, BNB climbed to a new all-time high of $ 200 before falling slightly. This caused BNB to increase more than 300% in February alone. Considering there are no higher resistance levels to clear, BNB is enjoying a period of parabolic price discovery.

Daily BNB / USDT chart