- The percentage of Cardano staked has dropped consistently since the beginning of August 2021.
- Binance coin has rallied 12.8% in the past week, and the altcoin is in close competition with Cardano for dominance in market capitalization.
- According to multiple sources, Binance is considering obtaining investment and protection from government funds.
- The bullish development is likely to drive Binance coin price higher.
Binance coin (BNB) prepares to regain its position in the crypto market. Analysts have a bullish outlook on BNB in light of recent developments.
Binance coin rally to $700 expected
The native token of leading cryptocurrency exchange Binance, BNB recently lost its long-standing position as the third-largest cryptocurrency based on market capitalization.
Multiple sources have revealed that Binance is considering raising investment from government funds at a valuation of $200 Billion. According to experts, the rising regulatory concerns surrounding the exchange's operations and product offerings in Singapore, China, the UK and the US are likely to have triggered the exchange to seek protection from the government.
The government of Singapore has been named as one that is most likely to invest in Binance. The exchange has declined to comment on the news.
The native asset of Binance is expected to climb higher in response to the investment proposition. Analysts have predicted that BNB is likely to surge to $700.
Scott Melker, an independent crypto analyst and host of the Wolf Of All Streets podcast, recently shared his analysis on Twitter.
$BNB
— The Wolf Of All Streets (@scottmelker) August 21, 2021
Flipped the smaller range to support and the EQ of the larger range. Minimal resistance to $700. pic.twitter.com/ZtpLUtiK6R
Binance coin is directly competing with Cardano. At the same time, the declining volume of staked Cardano indicates a drop in interest from traders.
If the fall continues, it becomes further conducive for BNB to recover market capitalization and replace Cardano as the third-largest crypto.
Pieter Nierop, an independent Cardano analyst, shared his concern on Twitter
We see the percentage of #ADA staked slowly going down.
— Pieter Nierop (@nierop_pieter) August 22, 2021
Make sure if you new to #Cardano that you stake your ADA. It’s very easy and gives you an additional about 5,5% ADA in rewards.
Google on how to or just ask help here.
Despite bearish on-chain metrics, analysts at FXStreet suggest that Cardano's price is showing strength and the next target for Cardano is $3.50. Analysts expect the altcoin to rally to $3.62 before retracement begins.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?