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- BNB is approaching an all-time high after making a strong recovery from its August lows.
- Exploring BSC’s performance as the network aims to boost activity through new projects.
The native cryptocurrency of the Binance Smart Chain, Binance coin [BNB]The cryptocurrency continued to extend its gains and a new record high could be on the horizon. It has outperformed most of the leading cryptocurrencies, including Bitcoin [BTC].
But how well does it perform?
BNB was trading at $583 at the time of publishing, up 44.11% from its low this month.
Like most cryptocurrencies, Bitcoin’s value fell at the beginning of the month, but its price level at the time of writing suggests that it has recovered to pre-crash levels.
The RSI indicated that there is more room to go before entering the overbought zone.
Source: TradingView
Most of the leading cryptocurrencies are currently trading at significant discounts from their record highs. BNB is only 23% away from hitting a new record high.
Binance Smart Chain Announces New Upcoming Projects
Part of the reason for BNB’s performance is the strong demand for BNB through its DeFi ecosystem. In this regard, the Binance Smart Chain is expanding with new projects.
BSC revealed that it will add Four new projects In his construction program.
These projects may provide more investment opportunities in the BSC ecosystem. Additionally, they are expected to contribute to an increase in demand for BNB.
BSC’s total TVL peaked at over $22 billion at its peak in 2021. Like most major blockchain networks, the total TVL saw a steep decline during the subsequent crypto winter.
TVL hit a low of $164 million in October 2023.
Source: DefiLlama
The total trading value of the Binance Smart Chain has since recovered to $4.39 billion at the time of writing. This is a significant recovery but still well below its previous highs. The trading volume on the BSC Chain also showed a similar observation.
The network’s average daily trading volume was in the billions of dollars during the previous bull run. Since then, daily volumes have dropped to the $400 million to $600 million range, which is still impressive nonetheless.
Reads Binance coin [BNB] Price prediction 2024-25
Transactions on the Bahrain Bourse have also maintained a relative range of between 2 and 4 million over the past two years.
This was in addition to some anomalies, which included a brief period when transactions rose to 12.8 million transactions in December 2023.
Source: DefiLlama
