Binance Coin (BNB) Outperforms BTC, ETH and XRP On Sustained Bull Rally
Key Notes
- BNB’s percentage price surge within the last 24 hours has far outperformed that of BTC, ETH, and XRP.
- Trading volume is soaring for BNB, but Bitcoin and other altcoins are seeing a receding trend.
- The VanEck BNB ETF filing might be the ultimate trigger for the ongoing Binance Coin rally.
Binance Coin (BNB) has successfully hit a three-month high, backed by the positive sentiment in the market, as showcased by several metrics. The BNB Chain is recording increasing institutional adoption, improved Decentralized Finance (DeFi) activity, and a transaction surge. The contributions of these metrics have placed BNB above Bitcoin (BTC), Ethereum (ETH), and XRP in daily gains today.
BNB Price and Trading Volume Beats BTC, ETH, and XRP
BNB traded at $659.06 at press time, corresponding with a 4.36% increase in 24 hours. Over the last seven days, the coin has registered a more than 10% price increase.
While this price action could be attributed to the broader crypto market rebound, especially with Bitcoin surging past $103,000, the record-breaking activities in the BNB Chain ecosystem remain a crucial contributor.
Compared to BNB, BTC has recorded only a 0.94% price rally within the same period and is now trading at $103,841.10. ETH is not doing any better, with only a 2.86% increase and a current market value of $2,411. ETH’s current price is a remarkable increase for a coin with difficulties breaching the $1,800 support level. However, it is still underperforming in comparison to BNB.
The sentiment around XRP is quite positive, with the coin exhibiting a bullish resilience. According to data from CoinMarketCap, the Ripple-associated crypto is now trading at $2.39, following a 1.44% price gain in the last 24 hours. On the daily chart, BNB has recorded more gains than all three top coins.
BNB Daily Price Chart. Source: CoinMarketCap
Regarding trading volume, traders are showing more interaction with BNB than with any of the other three aforementioned crypto assets. BNB’s trading volume has jumped by 13.39% higher in the last 24 hours, while BTC, ETH, and XRP have seen their trading volume dip by 34.39%, 42.04%, and 25.04%, respectively.
The VanEck ETF Catalyst
In the last month, the BNB Chain has experienced remarkable growth in user engagement, including doubling its active addresses to over 2 million. Additionally, the network’s transactions surged, reaching a staggering 8 million. Most of this increased network activity is a result of the frenzy that followed the filing of the VanEck BNB Exchange Traded Fund (ETF).
The top asset management firm submitted the Form S-1 registration statement for its BNB ETF. The filing for the fund was the first of its kind in the United States. The fund aims to bring exposure to BNB within a regulated framework, much like it previously did with Bitcoin and Ethereum ETFs launched last year. VanEck’s initial move was to register the BNB ETF filing in Delaware.
It is worth noting that this ETF filing has helped put BNB on an upbeat track, with its price gaining traction steadily. Like many other networks, the BNB Chain is recording increasing institutional adoption and DeFi activity. In addition, Standard Chartered wrote,
“BNB Chain remains a more concentrated, old-fashioned smart contract platform than rivals like Ethereum and Solana. But this structure provides a degree of stability, which may be appealing in volatile macroeconomic conditions.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
