While the rest of the crypto market has been in an upward trend over the past week, Binance Coin (BNB) has emerged as the top gainer among all other large altcoins in the crypto market. Over the past week, BNB has seen the highest double-digit gain in altcoins up by 17%.
Though this surge in price comes at a time when the crypto market, in general, is in a bullish trend. BNB has some other distinct factors that have pushed its gains more than other larger altcoins.
Binance Coin Emerges Top Gainer
According to Coingecko, in the last seven days, Binance Coin is the top gainer among the top 10 largest altcoins by market cap. Over the same period, Binance Coin has broken multiple resistance pushing for new months’ highs. BNB has moved from a low of $310 on March 10 to trading at $338 on March 20.
Related Reading: BNB Breaks Above $300 As Bulls Take Control, Is $400 Possible?
While BNB price movement can be attributed to the ubiquitous bullish trend in the market, the asset’s recent price action can also be traced to a major catalyst. Last week, Uniswap, one of the largest decentralized exchange (DEX) in the decentralized finance (DeFi) sector, announced its latest deployment on the BNB chain.
Though analysts have suggested the deployment will boost the on-chain activity of the BNB network. It can also be attributed to one of the potential factors behind BNB’s significant rally in the past 7 days.
Between March 16 when the announcement was disclosed and March 20 as of today, Binance Coin trading volume has moved from ranging of $800 million to more than $1 billion in the past 24 hours. In contrast, the asset has also added nearly $5 billion to its market capitalization over the same period.
BNB’s market cap currently sits at $53.3 billion as opposed to a value of $48.8 billion seen days before the deployment. Meanwhile, as the US banking crisis has continued to worsen, Binance trading volume has surged in the past week.
Binance currently has the highest 24-hour trading volume among other crypto exchanges in the market, according to data from Coinmarketcap. The exchange has handled over $30 billion in the past day as opposed to other exchanges in the market such as Coinbase, Kraken, and Kucoin recording a volume below $3 billion.
BNB To Continue Rally?
So far, Binance Coin has been doing well from a technical perspective, and according to the asset price chart, its price could continue to soar until it taps into major external liquidity. Looking at the BNB price chart on the 1-day time frame, BNB has just taken major internal liquidity at the $330 region and is looking to tap into the next major liquidity which is a high of $399.
Related Reading: BNB Price Surges Over 20% in a Week And Rally Seems Far From Over
Should BNB go back to its latest high of $346, we could expect another rally to somewhere just above $400. Meanwhile, coming second after BNB among top altcoin gainers in the market over the past week is Solana (SOL) and Ethereum (ETH). Both assets have seen a double-digit gain of 14.7% and 13% respectively over the same period.
Featured image from Shutterstock, Chart from TradingView