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Binance Coin (BNB) has experienced a 12.1% increase over the last month, maintaining a solid position at $666.65 despite a recent market downturn caused by escalating U.S.-China trade tensions.
Introduced as a quicker and more economical alternative to Ethereum, the BNB Chain seeks to provide an efficient smart contract experience for both developers and users.
Nonetheless, this initiative remains relatively small in terms of ecosystem value. As per DeFi Llama, its total value locked (TVL) in USD currently stands at $6.2 billion – merely a tenth of Ethereum’s TVL.
Currently, only 3 decentralized applications built on the BNB Chain have a TVL exceeding $1 billion, in contrast to 22 on Ethereum.
BNB Coin Price Prediction: Ethereum Leads in Decentralization
Decentralization appears to be the most significant factor that has provided Ethereum with an advantage over Binance’s blockchain.
The Ethereum Virtual Machine (EVM) operates on thousands of independent nodes distributed globally. This ensures that the blockchain remains functional, even if the Ethereum Foundation encounters difficulties.
In comparison, the BNB Chain has only 255 active nodes, the majority of which are located in the United States. This renders the network more vulnerable to 51% attacks. Furthermore, the crypto community suspects that Binance controls and operates many of these nodes.
Consequently, the operational stability of the BNB Chain has been called into question, as problems with Binance, the exchange, could threaten the network’s functionality.
While the BNB Chain may not surpass Ethereum as the leading smart contracts blockchain in the near term, this does not inherently suggest a bearish outlook for BNB Coin prices.
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Analyzing the daily chart, BNB Coin could potentially rise to $830 if it surpasses the $695 threshold. A rising price channel has emerged as a result of recent price movements.
This constitutes a bullish formation that supports an imminent bullish breakout of this temporary resistance. The price has once again found support at the lower boundary of the triangle, highlighting its significance to market participants.
Following this brief consolidation phase, BNB Coin may be poised for substantial gains if a bullish breakout takes place.
In the interim, securely storing your crypto assets is essential to benefit from your investments as the market recovers.
One of the most promising presales of the year, Best Wallet (BEST), provides appealing incentives to early adopters of its crypto wallet.
Best Wallet (BEST) Approaches $13M Raised for Its Web3 Storage Solution
Best Wallet (BEST) aims to rival leading wallets like MetaMask and Phantom and capture market share by launching innovative features that will assist users in maximizing their crypto investments.
This wallet accommodates assets across more than 60 different blockchains and will feature low swap fees through the utilization of the $BEST token.
Additionally, a tool named Upcoming Tokens will enable investors to discover the best crypto presales while they are still under the market’s radar.
As the wallet gains traction within the crypto community, the price of $BEST is expected to surge as it will offer users fee discounts and early access to new functionalities.
To purchase $BEST at its presale price, visit the Best Wallet website and connect your wallet (e.g., Best Wallet). You can either swap USDT or ETH or utilize a bank card to invest.
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