🔥🚀What is the reason for the surge in BNB💰🔥
The surge in BNB (Binance Coin) is mainly attributed to the following key factors:
1. The overall market turned bullish: After experiencing the downturn in the interest rate hike cycle, Bitcoin (BTC) has broken through a new high and successfully stood at the beginning of "7" with the expectation of ETFs and the cash inflow after the ETF was passed. The rise of BTC has given the market enough confidence to build some blue-chip Tokes
2. The growth of Binance spot share trading data: With the return of liquidity and the arrival of the bull market, the spot trading volume of centralized exchanges has also been rising. Binance still dominates the spot trading volume in the crypto market. In addition, Binance destroyed BNB for the 27th time in April, with a destruction volume of about 2.14M and a value of about 636 million, which further enhanced the market confidence of BNB
3. The activities and potential impact of the BNB chain: Most of the utility of BNB comes from the BNB chain, emphasizing the importance of analyzing network activities. Despite a decline in smart contract deposits over the past 30 days, BNB Chain's DApp transaction volume soared 41%, firmly ranking third in the overall ranking. The number of active addresses of BNB Chain DApp also reached a staggering 5.6 million. These data show that the activity of BNB Chain has played a key role in the rise of BNB's price
4. Investor sentiment recovery: The recent improvement in market sentiment is mainly due to the downward resistance of the volume indicator and the bottom recovery of the price indicator, which reflects that the market's previous negatives have been basically digested and the enthusiasm for long positions is rising. This recovery in sentiment has a positive impact on the prices of cryptocurrencies such as BNB
5. BNB fundamentals: BNB's fundamentals, including impressive market capitalization data and increased revenue, further drove this positive momentum. BNB's market capitalization soared to $48 billion, with a circulating market capitalization of $48.02 billion, an increase of 14.18%. In addition, BNB's fully diluted market capitalization remained unchanged, reflecting a 28.32% increase. These fundamental factors provide a solid foundation for the price increase of BNB
In summary, the surge in BNB is the result of the combined effect of multiple factors, including the overall bull market, the growth of Binance spot share trading data, the activities and potential impact of the BNB chain, the recovery of investor sentiment, and the fundamentals of BNB.
