The boom in the crypto market at this time is not only due to bitcoin, but some other cryptos are also setting new records in the market right now.
According to the price, the coin that has been giving the best results in the last few days is BNB of the BINANCE Exchange. With a market cap of almost $14.4 Billion, the BNB price at the time of writing this article was $256.36.
There are many reasons behind the increase in the price of BNB, the first of which is that it is the token of the world’s best exchange and used as a trade fee.
The second reason is the increasing use of Binance chains is Just as Ethereum’s blockchain is facing gas fees, the use of other blockchains is on the rise, and BNB at the moment is the lead chain at the forefront. A tweet from CZ, the founder of Xchange, revealed that while the transaction through the Ethereum chain is on the decline, but Binance is attracting almost twice as many transactions right now and still counting.
For any transaction on the BNB chain, there is a very low fee and the best part is that this fee is being paid by BNB itself. So then it is natural that the price of BNB is increasing. Also, several DEX has now started using BNB for the same reason. Time Ethereum solves its gas fees problem.
The BNB price has caught the highest rate this month. If we look at the one-month candle, it started at $44 and is now above $196, more than five times in the last 18 days.
Often, when the price of Bitcoin rises, altcoins go down, but this time something different is going on. BNB is setting a new price record along with Bitcoin. I am pretty sure BNB is likely to increase in price now even more aggressively. So, Binance is going to prove a better coin in your portfolio, you can hold this coin for a long time as an excellent investment.
