BNB surges 10%, eyes $700 peak as ecosystem booms

Since its BNC token has grown steadily over the past 72 hours, Binance has again made the headlines. From its lowest position in September 2023, there has been an incredible rise of +190%. With more investors hoping for an increase in value and supporting the expansion of the ecosystem, the token is getting closer to the critical resistance level at $590. 

As of March 27, 2024, the market capitalization of BNB is $86,020,504,289. BNB price prediction has traders and investors by the scruff of the neck for the last week. With an almost 24% higher trend, the coin’s market value is approximately USD 580.50. BNB is up by about 10% in just the last day, moving the coin up to the fourth-largest coin in terms of market capitalization. 

BNB price is expected to rise similarly to Bitcoin’s recent rise to $700 if buyers maintain the last resistance level. Long-term sentiment is positive, with recent prices of $575 indicating optimism among traders and buyers, indicating seller exhaustion is not a concern.

Factors In Play Leveraging BNB token value

The Binance Coin is a digital asset traded under the symbol BNB. Founded in 2017 and supported by blockchain technology, BNB operates on the ERC-20 Ethereum network. The entire ecosystem is structured to support a range of utilities, such as trading fees, exchange fees, listing fees, and more. In addition to hosting its coin, it also offers a range of services, including Binance Chain, Binance Smart Chain (BSC), Binance Academy, Trust Wallet, and Binance Research, to name a few. 

With the introduction of Bitcoin Dogs, the first ICO in the BNB ecosystem, the BNB token has garnered huge favoritism as Bitcoin Dogs has set a new record by raising $13 million in its token sale within just a month. The BNB ecosystem, as a direct effect, is experiencing a significant rise in the price of BNB tokens, with the total value locked (TVL) reaching over $8.3 billion, making it the fourth-biggest chain in the industry after big giants like Ethereum, Solana, and Tron.

To add more, over $3.02 billion in total value has been locked on PancakeSwap, the biggest DEX on Binance, marking a whopping 25% profit in just the last 30 days. With nearly $904 million analyzed, APX v2, another BSC network, ranked third among DEXs. 

A few other factors that have boosted BNB’s price are PinkSale, Venus, Binance Staked ETH, and Lista DAO, which run on the Binance chain. With more than 1.39 million addresses and $17 billion in bridged TVL, the Binance Smart Chain is running lucratively, holding more than $4.80 billion in stablecoins and gaining investor’s attention.