The Binance Coin price popped to the highest level since September 7 as investors reflected on the new partnership with the Associated Press. The BNB price is trading at $490, which is about 55% above the lowest level in September. This brings its total market capitalization to more than $81 billion, making it the third-biggest cryptocurrency in the world.
Binance Smart Chain (BSc) growth
The Binance Coin, also known as BNB is the native token for the Binance Smart Chain network. In the past few months, the BSc has grown from virtually nothing to become one of the biggest platforms in the world.
The BSc is a platform that is relatively similar to Ethereum in that it lets developers build decentralised applications. Most of the DAPPs that have been built using the network are in the DeFi ecosystem.
According to DeFi Llama, there are about 128 DeFi products built using the BSc ecosystem. These apps have a total value locked of more than $19.45 billion. Some of the biggest DeFi applications built on the BSc are PancakeSwap, Venus, Trachess, and Alpaca Finance, among others.
The Binance Smart Chain is also a leading player in the non-fungible token (NFT) industry. This is an industry that enables people to build and sell collectables. The sector could prove pivotal for the BSc as the developers launched a $1 billion for growing the ecosystem.
Also, in a statement on Tuesday, the Associated Press announced that it will launch a series of NFT collections using Binance’s technology. The AP has already sold an NFT for about $180k while other media publications like the New York Times and the New Yorker have also launched their tokens.
Meanwhile, a recent report by Dapp Radar mentioned that the BSc was one of the most active platforms with more than 608,500 unique active addresses. This growth was driven by games built in the ecosystem.
Binance Coin price prediction
The daily chart shows that the BNB price has risen in the past three straight days. It is trading at $490, which is slightly below the key resistance level at $520, which was the highest level on August 26. The price is above the 25-day and 50-day moving averages. It also seems to be about to form a double-top pattern.
Therefore, a major bullish breakout will only be confirmed if the price rises above the double-top level at $520. If this happens, the Binance Coin price will start chasing the next resistance level at $600.
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