Binance Coin has had an extremely busy week, with prices strengthening by almost 50% over the past week. The weekend activity in the crypto market saw BNB gaining more than 17% over the past 24 hours alone.
At the time of writing, BNB is trading at around 576, experiencing high levels of volatility not just over the past week but also over the past month and quarter in general. 2021 has been an extremely good year for the Binance Coin (BNB), which has made gains to the tune of almost 1300% over the past one year.
The native token used across the world’s largest cryptocurrency exchange has been increasing in popularity as an alternative to Ethereum for DeFi projects. Over the past several weeks, Ethereum’s network has been wracked with numerous challenges, especially high congestion and high gas fees even as an upcoming upgrade to its network is being opposed by miners.
All this has helped the Binance Chain become an increasingly attractive option within the DeFi ecosystem, supporting more and more projects. The resultant uptick in activity on the Binance blockchain network has helped boost the value of BNB higher, and there’s more room to grow in the coming sessions, just like we forecast earlier.
Fundamentals indicate more room for bullishness
While the latest rally has already taken BNB/USD to reach an all-time high (ATH), the uptrend is expected to continue as Binance gets ready to burn more BNB tokens within the next few days. The announcement was made by Binance CEO Changpeng Zhao on Twitter, indicating that the exchange is getting ready for a move to make its digital currency more valuable.
Analysts also attribute the recent rally in BNB to be caused by the upcoming listing of Coinbase. One of the most popular crypto exchanges is getting ready for its maiden stock offering, and expectations are that other leaders in this space like Kraken and Gemini could follow suit, further legitimizing cryptocurrencies and giving most digital currencies, Binance Coin included, a push higher.