Binance Coin (BNB) has experienced a bull run that has seen it multiply its price 14 times this year. But how has this been possible?
Binance Coin (BNB) will hit the moon
On January 1, 2021, the price of Binance Coin was USD 38 and, currently, it is USD 550. This means that, during the last months, the crypto has managed to increase its price by approximately 1,347%.
This obviously has the entire crypto market eyeing BNB given its surprising bull run. And the question that is repeated the most is: How did he do it?
This week popular analyst and crypto trader Nicholas Merten posted a video about it on his YouTube channel called ‘DataDash’. In it he explains that one of BNB’s key catalysts has, in fact, been Ethereum. In that way?
Well Merten explains that the delay in the rollout of Optimism, an update of Ethereum to make it faster and more profitable, has pushed crypto traders to migrate, perhaps temporarily to Binance Smart Chain (BSC) to exchange altcoins.
In this sense, Merten assured that «Ethereum needs to move much faster on layer-2 if it wants to use that crown that it thinks it already possesses as the main protocol on layer-1 and is going to capture the next wave of users… because they certainly haven’t solidified it. Binance Smart Chain is proof of this».
What will your future be?
Considering what the crypto analyst established, it leads us to wonder: Will BNB’s bull run be thwarted as Ethereum fixes its problems?
There is no precise way to answer that question, given that, as we all know, Binance Smart Chain and Ethereum are two big competitors.
According to crypto analyst Joseph Young, BNB could capture a “relatively untapped market” as BSC continues to gain popularity in Southeast Asian countries due to its low fees.
In this sense, at least in the short term, it seems that the bull run of Binance Coin (BNB) will continue. We want to know your opinion! Do you think Binance Smart Chain will overtake Ethereum? And, if so, will BNB continue to set all-time highs?