Binance has once again made headlines for its BNC token’s steady growth over the last 72 hours. From its lowest point in September 2023, it has risen by an astonishing 190%. With more investors looking for a growth in value and to support the ecosystem’s expansion, the token is approaching the important resistance level of $590.
As of March 27, 2024, BNB’s market capitalization was $86,020,504,289. For the past week, BNB price projection has had traders and investors on edge. The coin’s market value is around USD 580.50, reflecting an almost 24% increase. BNB is increased by roughly 10% in just the last day, putting it up to the fourth-largest coin in terms of market capitalization.
If buyers retain the previous resistance level, the BNB price is projected to grow in line with Bitcoin’s recent gain to $700. Long-term mood is high, with recent prices of $575 suggesting optimism among traders and purchasers, implying that seller tiredness is not an issue.
Factors influencing BNB token value
The Binance Coin is a digital asset that trades under the symbol BNB. BNB was founded in 2017 and is powered by blockchain technology. It runs on the ERC-20 Ethereum network. The entire ecosystem is designed to support a variety of utilities, including trading and exchange fees, listing fees, and more. In addition to hosting its coin, it provides a variety of services, including Binance Chain, Binance Smart Chain (BSC), Binance Academy, Trust Wallet, and Binance Research, to mention a few.
With the debut of Bitcoin Dogs, the first ICO in the BNB ecosystem, the BNB token has gained significant popularity, with Bitcoin Dogs setting a new record by raising $13 million in its token sale inside a month. As a result, the price of BNB tokens has risen significantly, with the total value locked (TVL) reaching more than $8.3 billion, making it the fourth-largest chain in the business after Ethereum, Solana, and Tron.
Furthermore, PancakeSwap, Binance’s largest DEX, has locked in approximately $3.02 billion in total value, representing a 25% profit in just the last 30 days. With around $904 million analysed, APX v2, another BSC network, ranked third among DEXs.
PinkSale, Venus, Binance Staked ETH, and Lista DAO, all of which run on the Binance chain, have also contributed to the rise in BNB’s price. With over 1.39 million addresses and $17 billion in bridged TVL, the Binance Smart Chain is profitable, holding over $4.80 billion in stablecoins and attracting investor interest.
