- Binance’s stablecoin BUSD market cap has risen over 400% this year, reaching $20 billion.
- BNB's price has risen 7% in market value since October.
- Binance Coin circulating supply has been persistently reducing throughout 2022.
Binance Coin price has risen 7% to start the month of October. Several industry advancements behind the scenes accompany the bullish influx.
Binance Coin paves the way forward.
Binance Coin price ascends 7% in stair-step formation this month, making investors wonder what to make of the current market conditions. While the technicals may be more of a guessing game, Binance has recently made several advancements in the crypto space.
Most notably, BUSD, the pegged US dollar stablecoin powered on the Binance blockchain, has crossed the $20 billion mark of market cap. That is more than a 400% growth in market cap since the start of the year. According to Binance, the stablecoin has become a reliable favorite amongst investors.
CoinMarketCap's Stable Coin Market Cap
The rise brings BUSD third place beneath the USDC and USDT powerhouse competitors. This is a promising gesture for the Binance Coin's future, as BUSD requires BNB gas fees with each transaction. In theory, more demand for BUSD should also create a demand for BNB.
Santiment;s Circulating Supply Indicator
The BUSD component adds an interesting mix to the grand scheme of things. According to Santiment's 2-year circulation indicator, Binance Coin has witnessed a significant influx of coins being locked away in cold storage. Currently, BNB has 21 million tokens in circulation. A supply that was last witnessed in 2020 when BNB traded at $14 just before the infamous 5x rally by 2021.
Combining these factors, Binance appears to be positioning itself for crypto dominance. If the crypto market does witness another bull run, Binance Coin could be a key player in terms of growth and support through the help of the evergrowing BUSD token.
In the following video, our analysts deep dive into the price action of Binance Coin, analyzing key levels of interest in the market. -FXStreet Team
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
Bitcoin recovers slightly amid sparse on-chain data signals
Bitcoin trades just above $57,000 on Tuesday after gaining almost 4% on Monday, buoyed by mild ETF inflows, increasing whale buying activity during price dips, a long-to-short ratio above one, and increasing stablecoin holdings on exchanges.
Solana on-chain metrics suggest rising activity and declining fees, supporting bullish outlook
Solana on-chain activity shows signs of growth in the last thirty days. Daily active addresses grow threefold, rising to 3.11 million on Monday. The number of new addresses on Solana in the first ten days of September is more than half of that registered in August for the entire month.
Rocket Pool jumps 23% after Binance announces launch of perpetual contracts
Rocket Pool surged more than 23% as Binance announced a perpetual contract listing on Monday. At the time of writing on Tuesday, it trades slightly up at $11.74. This bullish event is further supported by RPL’s rising open interest, which indicates new buying activity in the market.
ApeCoin set for a surge as on-chain and price trends signal a bullish rally
ApeCoin price validated a double-bottom pattern, signaling a bullish move. On-chain data paint a bullish picture on APE’s rising open interest, negative exchange flow balance, and decreasing supply on exchanges.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.