Binance Coin (BNB) Price Hits Three-Month High, Outperforming BTC and ETH

BNB has successfully hit a three-month high, backed by the positive sentiment in the market, as showcased by several metrics.

Binance Coin (BNB) has hit a three-month high, backed by the positive sentiment in the market, as showcased by several metrics. The BNB Chain is recording increasing institutional adoption and Decentralized Finance (DeFi) activity, Transaction Count, and User Addresses. The contributions of these metrics have placed BNB above Bitcoin (BTC), Ethereum (ETH), and XRP in daily gains today.

BNB Price and Trading Volume Beats BTC, ETH, and XRP

At press time, BNB is trading at $659.06, following a 4.36% gain in the last 24 hours. Over the last seven days, the coin has registered more than a 10% price increase.

This price action could be attributed to the broader crypto market rebound, especially with Bitcoin surging past $103,000. However, the record-breaking activities in the BNB Chain ecosystem are a crucial contributor.

Compared to BNB, BTC has recorded only a 0.94% price rally within the same period and is now trading at $103,841.10. ETH is not doing any better, with only a 2.86% increase and a current market value of $2,411. ETH’s current price is a remarkable increase for a coin with difficulties breaching the $1,800 support level. However, it is still underperforming in comparison to BNB.

The sentiment around XRP is quite positive, with the coin exhibiting a bullish resilience. According to data from CoinMarketCap, the Ripple-associated crypto is now trading at $2.39, following a 1.44% price gain in the last 24 hours.

On the daily chart, BNB has recorded more gains than all three top coins.

On the other hand, traders are showing more interaction with BNB than any of the other three aforementioned crypto assets. BNB’s trading volume has jumped by 13.39% higher in the last 24 hours. On the other hand, BTC, ETH, and XRP have seen their trading volume dip by 34.39%, 42.04%, and 25.04%, respectively.

The VanEck ETF Catalyst

In the last month, the BNB Chain has experienced remarkable growth in user engagement, including doubling its active addresses to over 2 million. Additionally, the network’s transactions surged, reaching a staggering 8 billion. Most of this increased network activity is a result of the frenzy that followed the filing of the VanEck BNB Exchange Traded Fund (ETF).

The top asset management firm submitted the Form S-1 registration statement for its BNB ETF. The filing for the fund was the first of its kind in the United States. The fund aims to bring exposure to BNB within a regulated framework, much like it previously did with Bitcoin and Ethereum ETFs launched last year.

Initially, VanEck registered the BNB ETF filing in Delaware.

It is worth noting that this ETF filing has helped put BNB on an upbeat track, with its price gaining traction steadily. Like many other networks, the BNB Chain is recording increasing institutional adoption and DeFi activity. In addition, Standard Chartered wrote,

“BNB Chain remains a more concentrated, old-fashioned smart contract platform than rivals such as Ethereum and Solana. But this structure provides a degree of stability, which may be appealing in volatile macroeconomic conditions.”