In the world of cryptocurrencies we know a lot about Bitcoin and Ethereum, but there are other options that might surprise you. In that regard, cryptocurrency research firm Messari published a performance summary for the first quarter of 2021. The undisputed winner of the main assets was Binance Coin (BNB) with a staggering 709% in profit. Followed by ADA and UNI. Here are the details.
Why did Binance Coin become the best performing cryptocurrency of these months?
Messari concludes that the Binance Coin rally was fueled by the emergence of Binance Smart Chain (BSC). Taking market share from Ethereum, BSC became a cheaper and faster option for some users.
Binance Smart Chain has quickly become the most widely used smart contract platform alongside Ethereum. Additionally, it has benefited from Ethereum’s rising transaction fees and accelerated volumes and profits driven by the crypto markets. These developments created the perfect environment for BNB to reach new all-time highs.
One of BSC’s most popular protocols, PancakeSwap, was also one of the top winners in recent months. PancakeSwap’s native token, CAKE, made a 3.031% gain, ranking it first among the best performing DeFi assets. Now, PancakeSwap has the top position in daily trading volume at $ 919,105,294.
BNB from a merchant perspective
As of this writing, Binance Coin is trading at $ 469 with gains of 2.36% on the 24-hour chart. In the 7-day chart, the token has more than 32% profit and 53.2% in the last month. In the short term, BNB could experience a build-up period as it prepares for the next rally.
Trader ‘Bitcoin Printer’ is bullish on Binance Coin and has established support at current levels. Losing them could mark a “party break.” Otherwise, BNB could top $ 510 with more profit in the coming months.
The merchant said: «In the medium term, Binance Coin’s earnings will be determined by its ability to stay competitive with the optimistic rollout of Ethereum with the implementation of Uniswap v3. Scheduled for early May, new features and cheaper transactions could reverse BSC and PancakeSwap’s advantage».
In that sense, the BNB performance that we are currently experiencing could grow exponentially in the coming months and mark history. Do you trust that it will be like this? Do you have another perspective on BNB?