BNB, the native cryptocurrency of Binance, has been showing remarkable trading dynamics in recent months. At the moment, this asset is surpassed only by Ethereum in terms of capitalization among altcoins. In our analytics, we have collected the latest statistics on its price action and we also give the reasons for such strong growth.
In our recent article, we summed up the results of crypto winter, noting that despite the severe fall in cryptocurrency prices and the bankruptcies of many companies, there are also clear winners in the crypto market in 2022. One obvious winner was Binance. After the collapse of FTX, the market share of this crypto exchange has grown to unbelievable sizes. Currently, Binance has a 92% share of the spot market and a 61% share of the crypto derivatives market.
“No matter how you look at it in terms of trading activity, Binance is the crypto market,” Arcane Research wrote.
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In this context, the growth dynamics of BNB, Binance’s own internal exchange coin, which is showing rapid growth in profitability, is attractive. Over the last week, BNB gained 7%, breaking through the $330 price level. For the full month of January 2023, this asset soared 35%, drawing the attention of analysts. Technical analysis shows that the growth will continue, and the next target for the coin in February is $400.
Another striking result of BNB is that this coin has risen to the 4th place in the ranking of cryptocurrencies by market capitalization from CoinMarketCap.
In fact, BNB is becoming an interesting way to invest directly in Binance’s growing monopoly, backed by the credibility and market share of its powerful parent. Let’s see what other objective reasons are behind this asset’s rapid growth.
What’s happening with BNB right now is far from a random outcome, as BNB has been very active throughout 2022, which has been a crisis year for many other projects. As of the end of December 2022, this coin (and its native blockchain) reached the following numbers:
In January 2023, the activity of the development team behind BNB reached a new level, offering three big events:
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