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Binance has listed the SUI token on its Binance Launch pool, allowing users to farm SUI tokens by staking BNB and TUSD. The move has led to increased BNB trading volume.
Binance Coin (BNB) has seen a significant surge in trade volume, with a growth of 60% in the past day and a 5% increase on the daily chart. The recent progress made within the BNB network is the likely cause of the rise in BNB's value.
BNB Chain's WAU crossed the 4 million mark last week. However, despite low gas fees, the chains' number of transactions declined.
Binance Coin (BNB) was the top mover over the past 24 hours with 2.24% gain bringing the coin to $331.36 with a trading volume of $1,189,032,500.
Bitcoin and most major altcoins are witnessing aggressive selling at higher levels, indicating that the bears are trying to make a comeback.
As per the recent development, Binance announced SUI to be the 33rd project on its launch pool.
Since the last wMarket report on April 28, the cryptocurrency market cap saw net outflows of $26.9 billion and currently stands at $1.18 trillion — down 2.2% from $1.21 trillion. Since April 28, Bitcoin and Ethereum's market cap fell 2.5% and 3.4% to $552.95 billion and $222.27 billion during the reporting period, respectively.
Binance's native BNB is making gains as crypto markets retreat today. The latest Binance Launchpool project, Sui farming, has driven the move.
Binance, one of the largest crypto exchanges, has gained immense popularity in recent times. BNB Coin, the native token designed primarily as a utility token, has now secured a spot in the top five rankings in terms of market capitalization in the crypto market.
With the recent growth in the crypto market, several cryptocurrencies replenish their bullish recovery to regain the lost grounds. The recovery sentiment back to the market could offer entry opportunities to interested traders and ride the prevailing uptrend.
According to analysts who spoke to Bloomberg, bitcoin price rally could be starting. The coin was trading at $29,000 on Sunday, a few points below the important resistance point at $30,000 and slightly lower than the year-to-date high of $31,000.
On April 26, the cryptocurrency market experienced significant volatility due to rumours about large amounts of Bitcoin being transferred from wallets linked to the no longer functioning Mt. Gox exchange and the US government.
The cryptocurrency market is preparing for a potential $20 trillion “Black Swan” event as central banks worldwide continue to print trillions of dollars in response to the ongoing economic uncertainty. This unprecedented development comes as major cryptocurrencies, including Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana, experience a surge in price, further solidifying their status as key players in the global financial landscape.
Tron (TRX) has been making strides towards increasing adoption, and its efforts have recently paid off with the total number of accounts on Tron surpassing 156 million as reported by TRONSCAN on 27 April.
The BNB Smart Chain performed the ‘Luban' hard fork on its testnet on 27 April, which was set to bring a host of enhancements and new features.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is facing a wave of short-selling pressure as traders anticipate a possible correction after its recent rally. However, this bearish sentiment may backfire if Ethereum continues to climb higher and triggers a short squeeze.
Neither bulls nor bears are controlling the situation on the market today, according to the CoinMarketCap ranking.
Though BNB's prices have risen, its long-term fortunes are still unknown. Will Binance break out of its shackles
BNB Chain remained unaffected by the Beacon Chain halt, as evident from a few metrics. However, BNB's price declined by over 2% in the last 24 hours.
Today's crypto market displays a mix of projects experiencing significant gains and others facing notable losses. CRO, IMX, WOO, ISP, RNDR, and SOL are the day's top gainers, while EGLD, XMR, FLR, BNB, STX, and BCH are the top losers.
Binance Coin (BNB) price has reached the $340 resistance level and is currently retracing its steps.
The price action of Binance Coin showed a bearish scenario could unfold this week, but the formation of a range near the local highs was also a possibility.
TL;DR Breakdown Binance Coin price analysis suggests an upwards movement to $350. The closest support level lies at $340.00 BNB faces resistance at the $342.00 mark The Binance Coin price analysis shows that the BNB price action has broken above the $340.00 mark as the bulls show strong momentum.
The correction may have ended on the cryptocurrency market, according to the CoinMarketCap ranking.
