Yet another feather in Binance’s cap, with the world’s largest cryptocurrency exchange experiencing a rise in popularity for its own blockchain network – the Binance Smart Chain (BSC). As confirmed by the exchange itself, BSC is handling around 12 million transactions per day, which is eight times higher than the network capacity currently offered by Ethereum – the leader of the DeFi ecosystem.
By the end of March, shortly after its launch, BSC saw its popularity surge as Ethereum’s network was plagued with problems related to congestion and high gas fees, making new projects wary of setting up on the network and opting for alternatives instead. Binance’s blockchain was the biggest gainer from this switch although it is a new entrant into the crypto space, with several new DeFi launches choosing to go on BSC and several existing projects offering cross-chain support to function on both networks in order to reach maximum investors.
The increased interest in the Binance Smart Chain has helped propel the value of Binance Coin (BNB) higher as well over the past several weeks. From a value of less than $50 towards the end of February, BNB surged towards a new ATH at $690 during the previous week, before easing lower.
At the time of writing, BNB/USD is exhibiting signs of choppy trading, holding at around $533. However, technical analysis of the 4-hour price chart indicates an immediate bearish bias in the Binance cryptocurrency.
For now, the key support level holds at $496 while the immediate resistance to look out for sits at the $548 level. For the digital asset to turn bullish, buyers need to break past this level, which could boost the uptrend further and help the price climb higher towards $650 and beyond in the near-term.