Assessing BNB Chain (BNB): Can it Attain its Year-End Projection? Insights from Analysts

Active Address Numbers in BNB

The latest tweet from the highly regarded analyst Coin98 unveiled the top cryptocurrencies based on their daily active addresses. According to the tweet, Tron (TRX) maintained its position as the leading blockchain, followed closely by Bitcoin and BNB. Nevertheless, the difference between the two was minimal. BNB boasted 970 thousand active addresses, while BTC had 1 million. A closer examination of Artemis’ data reveals that BNB Chain has been experiencing a gradual decline in network activity over the past few months.

Not only have active addresses decreased, but daily transactions on the BNB blockchain have also seen a decline in the last three months. When we delve into the charts for BNB and BTC, it becomes apparent that as BNB’s active addresses decrease, BTC’s statistics are on the rise, allowing the reigning cryptocurrency king to surpass BNB. It’s worth noting, however, that BNB still maintains a significant advantage over BTC in terms of daily transactions.

The Impact of Bitcoin on BNB

BTC has recently witnessed a sudden uptick in its value. Bitcoin’s transaction fees have seen a notable increase in the past few days. As BTC’s fees continue to rise, BNB’s price chart is moving in the opposite direction. While both cryptocurrencies compete favorably in terms of network activity, their price movements remain relatively stagnant. Bitcoin continues to trade below $26,000, with its price having decreased by less than 1% over the past seven days.

BNB’s price has also displayed minimal movement in recent days. At the time of writing, BTC was trading at $25,808.29, while BNB was valued at $211.59. Although the price movements of both tokens lack volatility, their 24-hour trading volumes have shown double-digit increases, suggesting heightened investor interest. However, Bitcoin has outperformed BNB in terms of social engagement. This is clearly evident in Santiment’s graph, which indicates that BTC’s social volume surpasses that of BNB Chain.

Leave a Reply

Your email address will not be published. Required fields are marked *