Binance Coin Reaches Three-Month High, Outperforming BTC, ETH, and XRP
Binance Coin (BNB) Performance Overview
- BNB reached a three-month high, trading at $659.06 with a 4.36% increase in 24 hours.
- Over the past week, BNB's price rose by more than 10%.
- Compared to major cryptocurrencies, BNB outperformed Bitcoin (BTC), Ethereum (ETH), and XRP in daily gains.
- BTC recorded a 0.94% increase, trading at $103,841.10; ETH saw a 2.86% rise to $2,411; XRP gained 1.44%, trading at $2.39.
- BNB's trading volume increased by 13.39% in the last 24 hours, while BTC, ETH, and XRP experienced declines of 34.39%, 42.04%, and 25.04% respectively.
Factors Driving Growth
- Increased institutional adoption and DeFi activity on the BNB Chain contributed to its performance.
- User engagement doubled with over 2 million active addresses and transactions surged to 8 million.
- The filing of the VanEck BNB Exchange Traded Fund (ETF) catalyzed interest in BNB.
- This ETF registration is the first of its kind in the U.S. aimed at providing regulated exposure to BNB.
Standard Chartered noted that while BNB Chain may be less advanced than competitors like Ethereum and Solana, it offers stability that can be appealing during volatile market conditions.