BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details

Christian Encila

1 year ago

3 mins read

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Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume.

The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000 suggests that investor confidence has increased.

BNB Approaches $5 Billion TVL

Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to $5 billion. It’s crucial to remember that the current upward trend in BNB is what’s responsible for the TVL spike.

Source: DefiLlama

According to data from DefiLlama, this represents a notable rise over the $3.50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance (DeFi) protocols on the chain.

With 425 million unique users, BNB chain held the top spot at the time of publication, according to Crypto Rank data, which displayed the total number of unique users across the top 15 networks.

Top 15 Blockchains by the Number of Unique Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao – 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@base – 65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9M@avax – 17.7M… pic.twitter.com/lGYGfjTaea

— CryptoRank.io (@CryptoRank_io) February 28, 2024

On-chain volume on BNB Chain saw a notable spike this week, peaking at about $1.4 billion. According to DefiLlama, this is the greatest volume seen in 2024 and the second-highest day volume on the chain in more than a year. An increase in activity suggests that users are more engaged and that the ecosystem has room to develop.

Total crypto market cap is currently at $2.214 trillion. Chart: TradingView.com

BNB Breaches $400 Level

The price of BNB has recently increased to levels not seen in months, which is quite notable. The coin has moved into previously unobserved price ranges as of April 2022.

The 24-hour period chart analysis showed that BNB ended trading on a high note. Though there has been a slight decline of less than 1% as of this writing, BNB is still trading at $405.

Source: Coingecko

The excitement around the web3 game project Portal’s airdrop farming campaign is partly responsible for the recent increase in BNB’s price. Users were able to take part in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, which increased interest and engagement in the BNB Chain ecosystem.

Meanwhile, bulls will retake control and be ready to challenge the market’s upper resistance level of $420 this week if the price moves over the resistance level of $401. If the price stays there, the BNB coin will be ready to try testing its upper limit of $435 in the following weeks.

The notable variation in pricing is observed despite Binance being subjected to one of the most serious criminal penalties in the history of the United States. Following the consent of a judge, the exchange reached a plea agreement amounting to $4.3 billion, which pertained to allegations associated with violations of anti-money laundering regulations and penalties.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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