In brief:
- On-chain metrics of the Binance Smart Chain are at all-time high levels
- Binance Smart Chain Unique addresses have just exceeded 1 million
- The network’s daily transaction count has exceeded 970k
- Binance Coin (BNB) has just set a new all-time high of $75.55
As the crypto-verse focuses on Bitcoin breaking $40k and the launch of the CME Ethereum futures contracts on Monday, February 8th, Binance Coin (BNB) and the Binance Smart Chain have been flying under the radar posting all-time highs in terms of price and on-chain metrics.
Binance Smart Chain Unique Addresses Exceed 1 Million
A quick glance at the Binance Smart Chain metrics courtesy of BSCScan.com, reveals that the network’s unique address count has just exceeded 1 million. At the time of writing, the Binance smart chain is home to 1,085,403 unique users. This milestone can be observed via the following screenshot.
Binance Smart Chain Daily Transactions Exceed 970k
Furthermore, the daily transaction count on the Binance Smart Chain has just hit 970,733. This is the highest daily transaction count of the network to date. The milestone has been captured via the following chart courtesy of BSCscan.com.
Binance Coin (BNB) Sets New All-time High of $75.55
As earlier mentioned, the crypto-verse’s focus has been on Bitcoin breaking $40k and Ethereum futures being listed by the CME Group on Monday.
However, behind the scenes, Binance Coin (BNB) has been setting all-time highs since the beginning of the year when it broke past the $39 – $40 ceiling as a result of investor confidence in the digital asset and Binance accelerating its coin burn program.
At the time of writing, Binance Coin has just set a new all-time high of $75.55 -Binance Rate – and could have some fuel left to briefly touch $80 or even exceed this value. Below is a screenshot, of BNB’s parabolic climb since the beginning of the year.
From the chart above, the following can also be observed.
- Daily trade volume is very much in the green with the MACD yet to show any weaknesses
- However, the daily MFI and RSI are in overbought territory above 90 hinting of a possible correction
- Binance Coin is in parabolic territory and a cool-down is imminent
However, the general crypto market mood is one of bullishness brought about by a thriving Bitcoin and Ethereum. Therefore, Binance Coin (BNB) might continue to climb in tandem with the top two digital assets.
As with all analyses of altcoins such as Binance Coin, traders and investors are reminded to set adequate stop losses and use low leverage when trading BNB on the various derivatives platforms.