Binance Coin (BNB) has risen by 12.1% over the past month, holding strong at $666.65 despite the recent market pullback triggered by rising U.S.-China trade tensions.
Launched as a faster and more cost-effective alternative to Ethereum, the BNB Chain aims to deliver a streamlined smart contract experience for developers and users alike.
However, this project is still rather small in terms of ecosystem value. According to DeFi Llama, its total value locked (TVL) in USD currently sits at $6.2 billion – just a tenth of Ethereum’s TVL.
Meanwhile, only 3 decentralized apps built on the BNB Chain have a TVL that exceeds $1 billion compared to 22 on Ethereum.
BNB Coin Price Prediction: Ethereum Dominates in Terms of Decentralization
Decentralization may be the most relevant factor that has given Ethereum an edge over Binance’s blockchain.
The Ethereum Virtual Machine (EVM) runs on thousands of independent nodes spread across the world. This guarantees that the blockchain will continue to run, even if the Ethereum Foundation experiences issues.
In contrast, the BNB Chain has only 255 active nodes, most of which are based in the United States. This makes the network more susceptible to 51% attacks. In addition, the crypto community believes that Binance owns and operates many of these nodes.
Hence, the operational continuity of the BNB Chain has been questioned as issues with Binance, the exchange, could jeopardize the network’s operations.
Although the BNB Chain may not beat Ethereum as the largest smart contracts blockchain in the near future, that does not necessarily favor a bearish BNB Coin price prediction.
Looking at the daily chart, BNB Coin could rise to $830 if it breaks above the $695 level. An ascending price channel has formed as a result of the latest price action.
This is a bullish pattern that favors an imminent bullish breakout of this temporary ceiling. The price has once again found support at the triangle’s lower bound, emphasizing its relevance to market participants.
After this brief period of consolidation, BNB Coin may be gearing up for some strong gains if a bullish breakout occurs.
In the meantime, storing your crypto assets safely is key to profit from your investments as the market recovers.
One of the best presales of the year, Best Wallet (BEST), offers attractive perks to early buyers who adopt its crypto wallet.
Best Wallet (BEST) Nears $13M Raised to Launch its Web3 Storage Solution
Best Wallet (BEST) aims to compete with top wallets like MetaMask and Phantom and gain market share by introducing innovative features that will help users make the most out of their crypto investments.
This wallet supports assets in more than 60 different blockchains and will offer low fees for swap through the use of the $BEST token.
In addition, a tool called Upcoming Tokens will allow investors to identify the best crypto presales while they are still flying below the market’s radar.
As the wallet becomes widely adopted by the crypto community, the price of $BEST will skyrocket as it will provide users with fee discounts and early access to new features.
To buy $BEST at its presale price, head to the Best Wallet website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH or use a bank card to invest.
The post Can Binance Coin Flip Ethereum or XRP? BNB Price Prediction appeared first on Cryptonews.
Credit: Source link
