Binance Coin (BNB) worth $ 1,000? It can happen faster than you think!
Demand for Binance Coin has increased considerably in the past 4 weeks, resulting in delays across the network. This has caused a challenge for retailers. However, despite working at full capacity, transactions are almost smooth for BNB. BNB has come a long way in the past 6 months and the current price action looks like a wave before a final, mega peak, where traders anticipate the price could be pushed beyond $ 1000.
The graph above shows that the social volume is increasing again, since the price has a high correlation with the social volume. The price is currently above the $ 684 level and a month or more before BNB breaks its ATH, there may be a rapid advance in the price hike.
BNB is currently arguably the dominant altcoin in exchange, followed by Dogecoin. In terms of demand on exchanges, BNB is number two in derivative exchanges. This is based on data from Coingecko. BNB’s HODLing is ideal for short-term traders, since altcoin reached a new ATH over the weekend.
Based on the chart above, in the short term (30 days), ROI is close to 50%. ROI is higher in the long run. However, based on the current sentiment of the network, demand has increased since altcoin reached the next ATH. Although the crypto Twitter is anticipating that Binance Coin could overtake Ethereum, this can be tricky, since the network effect drove the ETH price upwards of $ 4,000. Since Binance is one of the main exchanges, despite the strong network effect of ETH and the next halving, BNB is expected to recover even more.
The volume of transactions for the second largest altcoin is currently $ 27 million in the last 24 hours and the adjusted NVT index is 201.12. This shows that the sentiment is currently neutral. With nearly 3,000 active addresses, the demand for Binance Coin is increasing and the number of unique and active addresses is increasing, along with rising prices.
In the last 24 hours, the number of transactions on the BNB network has reached almost 4,000 and is expected to increase if the price continues to rise.