TL:DR Breakdown
- BNB bullish run can be traced to the problems of the Ethereum network.
- BNB, which was at $37.42 at the beginning of 2021, is now around the $631.0 mark.
Presently, Binance coin (BNB) seems to be the best performer in the crypto market. Similarly, a lot of crypto exchanges are performing very nicely as regards price increase. All these are happening in the wake of the Coinbase listing on the Nasdaq Worldwide Select market, set to take place in a few days.
Moreover, the Binance coin has been on a bullish run throughout the year 2021. This can be traced to the slow rate of transaction processing and high gas fees on the Ethereum network giving room for Binance Smart Chain (BSC), which offers cheaper and faster services.
As of this writing, BNB, which was at $37.42 at the beginning of 2021 is now around the $631.0 mark signifying a growth of about 1580 percent against the United States Dollar. This is according to data from Tradingview shown above, which was gathered from the FXT exchange. As the interest in crypto assets and currencies has seen growth, trading volume and profits derived from trading fees have increased on major crypto exchanges.
Coinbase released its official statement of its first-quarter results — which ended on the 31st of March. Its trading volume was around $335 billion, total revenue was about $1.8 billion, and total net income was between $730 million and $800 million. These figures released by Coinbase have increased individuals’ interest in cryptocurrencies because they reflect the increased popularity of Coinbase and other exchanges, which offer an opportunity for holders of these crypto-assets to make money.
Some individuals, however, likened buying cryptocurrencies like BNB to purchasing shares in that exchange company.
Result of Coinbase Q1 estimated result on the Binance Coin
Since the announcement of Coinbase Q1 estimated result, the Binance Coin has seen its price go from $367.75 to around $631.0, a growth of 71.58 percent against the US dollar in about six days.
If on the 14th of April — which is the day Coinbase shares begin to trade on Nasdaq, everything as planned, there would be an increase in demand for its shares. It is worthy to note that interest may even come from individuals with little or no crypto experience. That said, this demand from both experts and beginners would cause the bullish run of BNB to continue.
However, if the speculated demand doesn’t occur, the Binance coin could go down to $500 or $450. But in the long run, BNB could experience more increase if Binance avoids regulatory issues while improving its infrastructure.
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