Binance coin BNB/USD defied negative sentiment in cryptocurrency markets, posting a daily gain of 5.5%. Analysts maintain a bullish outlook on its future performance.
What happened: Cryptocurrency exchange Binance on Wednesday announced there are 47th project on its launchpool.
Portal, a cross-chain gaming platform, is scheduled to go public on February 29.
Perhaps boosted by this announcement, BNB has defied the overall market downturn and is currently trading at around $371.
The exchange’s cryptocurrency recorded a gain of 5.2% over the past 24 hours, marking its highest level since May 2022. Trading volumes increased by 45.2%.
According to Coingecko data, the total value locked on the BNB Smart Chain increased by 1.2% in the last 24 hours, while trading volumes increased by 19.3%.
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Because matter: In a research report titled “BNB Chain & the Web3 Blueprint,” Binance announced that its BNB Smart Chain achieved record-breaking throughput by processing 32 million transactions in a single day at the end of 2023.
The BNB Smart Chain also reached its peak throughput of 2,000 transactions per second (TPS).
Additionally, opBNB, another blockchain from BNB Chain, reached an all-time high in the last quarter of 2023, with 71 million transactions processed in a single day and a throughput of 4,500 TPS.
Some analysts have expressed bullish forecasts for BNB following the outperformance.
Crypto Rover, a popular cryptocurrency YouTuber, shared on its platform that BNB is “breaking the weekly downtrend.”
A cryptocurrency trader predicts that a key psychological level will be reached soon:
It remains to be seen whether the market is entering the “BNBchain season”. Binance aims to achieve exactly this with its Web3 2024 project.
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