BNB beats BTC in the latest buying frenzy as its price surged 100% on a week-to-date ratio as we can see in our latest Binance coin news.
Thanks to strong pumping, the token of the Binance exchange, has now become the third-biggest token behind Bitcoin and Ethereum with a market cap of $41.89 billion market cap. The BNB/USD exchange rate already jumped by 100% and the pair established a new record high of $283 in a price rally which reminds of the one with the GameStop stocks back in January. Unlike the short-squeeze that happened there, BNB’s rally came on the heels of good news. Its growing role as a utility token in the Binance exchange and many of its ventures seemed to have attracted traders immensely.
Users can pay BNB as the trading fees on the exchange and can also use the tokens to participate in token sales that are hosted by the Binance Launchpad. BNB powers Binance’s newly launched decentralized exchange and doesn’t require a central authority to trade. The University of Cambridge report released a report showing a 200 percent growth in crypto users since 2018. The report noted that more than 101 million users signed up with crypto service providers like Binance in the third quarter of 2020 and thanks to the institutional boom by MicroStrategy and Tesla, analysts expect that the adoption curve will grow in the coming days. Analysts at Weiss Crypto Ratings noted:
“Tesla will also accept Bitcoin as payment, and Elon’s daring commitment to accelerating Bitcoin’s adoption will likely generate even more followers. The endorsement from the richest man in the world should prove to be extremely impactful moving forward.”
With the adoption growing, the exchanges are trying to attract more users which will increase the demand for the BNB tokens. In the meantime, the strong shift towards decentralized finance and Binance’s presence in the sector will mean further growth for the native token as BNB beats BTC in a buying frenzy. BNB trades at risks of massive price corrections as per the RSI readings on the timeframe charts. looking into the momentum charts we can see that BNB/USD is an overbought territory which means it will have to neutralize sooner or later.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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