Price Analysis

Binance Coin Is Back in the Race! BNB Price Set to $1K?

Binance Coin has once again consolidated its status as one of the world’s largest cryptocurrencies, behind only Bitcoin and Ether after an impressive rally this week.

Binance Smart Chain (BSC), a less decentralized public blockchain that is seen as a rival to Ethereum, has had a lot of success. According to DappRadar’s  2021 Q1 overview study on April 1, BSC has overtaken Ethereum in the first three months of 2021 for regular specific active wallets, with transaction fees that are around 35 times cheaper.

According to CoinGecko.com, the digital coin known as BNB was issued by the world’s largest crypto exchange and now has a market capitalization of $81 billion. It is the third most important cryptocurrency after Bitcoin ($1.1 trillion) and Ether ($252 billion). For weeks, the token has traded places with Tether and other tokens, highlighting BNB’s growing significance in the crypto ecosystem.

Though the 7-day returns are largely negative, the 30-day, 90-day, and 1-year returns are relatively high when compared to altcoins in the top ten, according to Messari’s results. HODLers who owned BNB for less than 100 days saw a return of more than 900 percent. Binance Coin’s trade volume is likely to increase, and the price rally can continue if the price stays largely above $400. 

While most altcoins’ price has plunged due to dropping volatility, it’s not the same for BNB and BNB’s HODLers. These metrics indicate that BNB’s price rally is expected to be a long one.

Binance coin is undervalued based on on-chain metrics, as the price has fallen to $485 and is now below $500. After remaining largely range bound in the $522 to $598 range for a week, the altcoin is likely to resume its rally following the short-term correction.

Binance coin is currently trading at $526.29 with a 9.7% hike in the last 24 hours.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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