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Arnaud Bauer of BNB Chain expects the trend to continue, thanks to the blockchain’s lower fees and high throughput.BNB Chain, a Layer 1 blockchain project associated with crypto exchange Binance, has seen a rise in transactions — its highest since last May — thanks to its lower fees and increasing adoption.The average number of transactions on BNB Chain hit 4.8 million on May 22 using a seven-day Moving average — a level last seen in May 2022 — according to The Block’s Data Dashboard.BNB Chain is ranked number one by that metric, among other Ethereum Virtual Machine (EVM)-compatible blockchains, including Polygon and Avalanche.
The rise of BNB Chain can be attributed to several factors, according to Arnaud Bauer, A senior blockchain solution architect at BNB Chain.Bauer told The Block the blockchain’s low transaction fees, high throughput, or number of transactions per second, and adoption by DeFi and gaming projects have helped achieve a high transaction count.“Activities such as NFT minting, token transfers, and claimings have become more attractive Thanks to BNB Chain’s cost-effective transaction fee,” Bauer said.Arnaud Bauer on BNB Chain outlook Bauer expects the trend to continue as BNB Chain provides optionality to both projects and end users.“On one hand, projects can leverage the high-throughput environment to build robust platforms and, On the other hand, users are more incentivized to engage within their communities due to lower transaction costs,” he said.“However, it is imperative for the BNB Chain developer community to continually monitor and adapt to the evolving demands to ensure long-term growth and success of the entire BNB ecosystem,” Bauer said.
BNB is currently the fourth-largest crypto token in the world with a market capitalization of nearly $50 billion, according to CoinGecko data.The price of BNB is currently trading at around $314, down 1.6% over the past 24 hours.BNB Chain is not the only Ethereum Virtual Machine (EVM)-compatible blockchain benefiting From consistently high gas fees on Ethereum.As The Block reported earlier this month, daily new unique addresses of EVM-compatible blockchains, including Polygon and Avalanche, peaked at 6.77 million last month — a level not seen before 2021.
PRİCE PREDİCTİON Binance Coin price today is $ 309.41 with a 24-hour trading volume of $ 1.01B, market Cap of $ 48.22B, and market dominance of 4.26%.The BNB price decreased -1.31% in the last 24 hours.Binance Coin Price Forecast Based on Technical Analysis Based on data from May 24, 2023 at 12:11, the general Binance Coin price prediction sentiment is bearish , with 8 technical analysis indicators signaling bullish signals, and 22 signaling bearish signals.BNB price prediction was last updated on May 24, 2023 at 16:11.
Binance Coin Key Price Levels Based on today’s classical pivot point (P1) with the value of $ 313.03, Binance Coin has support levels of $ 310.56, $ 307.01, and the strongest at $ 304.54.Similarly, Binance Coin resistance levels are at $ 316.57, $ 319.04, and $ 322.59..Binance Coin reached its highest price on May 10, 2021 when it was trading at its all-time high of $ 689.33, while Binance Coin’s lowest price was recorded on Sep 15, 2017 when it was trading at its all-time low of $ 0.526755.The lowest price since it’s ATH was $ 185.52 (cycle low).
The highest BNB price since the last cycle low was $ 386.87 (cycle high).The Binance Coin price prediction sentiment is currently bearish, while Fear & Greed Index is showing 50 (Neutral).
Binance Coin’s current circulating supply is 155.86M BNB out of max supply of 200.00M BNB.The current yearly supply inflation rate is -6.56% meaning -10.94M BNB were created in the last year.
In terms of market cap, Binance Coin is currently ranked #1 in the Exchange Tokens sector, ranked #1 in the Binance Smart Chain sector and ranked #3 in the Layer 1 sector.Binance Coin is currently trading above the 200-day simple moving average (SMA).The 200-day SMA has been signaling BUY for the last 72 days, since Mar 12, 2023.The price of Binance Coin is currently above the 50-day SMA and this indicator has been signaling BUY for the last 16 days, since May 07, 2023.
The most recent Death Cross in the Bitcoin market happened 146 days ago, on Dec 29, 2022.Meanwhile, a Golden Cross last occurred on Feb 09, 2023, which was 104 days ago.Based on our technical indicators, Binance Coin’s 200-day SMA will rise in the next month and will hit $ 303.74 by Jun 23, 2023.Binance Coin’s short-term 50-Day SMA is estimated to hit $ 304.66 by Jun 23, 2023.
The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70).Currently, the RSI value is at 50.35, which indicates that the BNB market is in a neutral Position.According to our current Binance Coin price prediction, the value of Binance Coin is predicted to drop by -1.77% and reach $ 303.42 by May 29, 2023.According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 50 (Neutral).Binance Coin recorded 15/30 (50%) green days with 2.58% price volatility over the last 30 days.Based on our Binance Coin forecast, it’s now a bad time to buy Binance Coin.Comparing Binance Coin against other important technological innovations and trends is one Way of predicting where the Binance Coin price could head over the long term.The table above shows what the Binance Coin price would be by end of year 2024, 2025, and 2026 if its growth trajectory followed the growth of the internet, or large tech companies like Google and Facebook in their growth phase.
In the best case scenario, BNB price prediction for year 2026 is $ 7,062.72 if it follows Facebook growth.In case Binance Coin would follow Internet growth the prediction for 2026 would be $ 810.21.Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only.It does not necessarily reflect the opinion of Cryptonic Events.Every investment and all trading involves risk, so you should always perform your own research prior to making decisions.We do not recommend investing money you cannot afford to lose.Thank you for watching today’s video on Cryptonic Events.We hope you found it informative and engaging.
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BNB (Binance Coin) is a cryptocurrency that is native to the Binance exchange.Binance is one of the largest cryptocurrency exchanges in the world, and BNB was created as part of an initial coin offering (ICO) to help fund the development of the exchange.BNB has multiple uses within the Binance ecosystem.For example, users can use BNB to pay for trading fees on the Binance exchange, and they can also use it to participate in token sales that are launched on the Binance Launchpad platform.In addition to its utility within the Binance ecosystem, BNB has also gained popularity as a speculative investment.It has been one of the best-performing cryptocurrencies in recent years, with its price increasing significantly since its initial launch in 2017.
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