Binance ‘beats’ Ethereum on this front; BNB will benefit IF…

Despite this, in the last few months, other protocols have grabbed the market share from Binance, particularly due to rising DEX volumes on their respective networks.However, in the last few days, the DEX volumes on the BNB network had surged materially, to the point that they had surpassed the DEX volumes onThis creates a network effect, where the growing user base makes the network more valuable and attractive to even more users. As a result, the BNB network’s TVL could also grow.

According to AMBCrypto’s analysis of Artemis’ data, the TVL of the BNB network had grown significantly over the last few weeks, reaching nearly $6 billion at press time.Higher DEX volumes translate to more trading activity, which in turn increases the demand for BNB to pay for gas fees associated with those trades. This can drive up the price of BNB even further.At press time, BNB was trading at $594.86, with its price having grown by 2.67% in the last 24 hours.

After testing the $635.2 resistance level multiple times, in the past, the price of BNB is heading north in the resistance’s direction yet again after facing some corrections. If BNB retests this level, there may be potential for BNB to break past this level and reach its ATH of $690.93. For BNB to reach this level at the time of writing, it would need a price appreciation of 13.32%.

However, the CMF was relatively neutral at 0.07, indicating that there was little buying pressure for BNB observed at press time.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.

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