3 Reasons Why Binance Coin Leads Top 10 Cryptos By Weekly Gains

Binance Coin (BNB) and its parent chain, BNB Smart Chain (BSC), have been in an upward trend since the start of the week. In fact, only Binance Coin has registered a positive return among the top 10 cryptos by market, as per data from Coin Bureau on X.

The BNB trend has been robust since last week, breaking above the $1,000 price mark. The new milestone solidified BNB’s position as a leader among the top chains regarding activity and price performance.

The price action breakout, surge in chain activity, and proposed new developments set the precedent for this surge. A detailed coverage of these elements offered insights into how they fueled and kept the price of BNB in a consistent uptrend.

Binance Coin Price Tops Weekly Gains: Why?

To begin with, Binance Coin led the top 10 cryptos, which were all in the red for the week. The top cryptocurrencies reflected the sentiment in the broader market. On the day, BNB’s price rose by 7%, but its daily trading volume was down by only 11%.

To begin with, the surge was backed by the technical breakout of the ascending trend channel that started around $400. The altcoin made a new all-time high (ATH) of $1,072 after breaking out of the long-term consolidation.

The pattern indicated smart money and whale accumulation. The breakout was followed by momentum, officially confirming BNB’s price had escaped the range-bound movement. The Heiken-Ashi candles displayed bullish momentum past the previous ATH of $1,017.

Prediction-wise, the price of Binance Coin was headed toward $1,100 and beyond, with analysts seeing $1,200 in the near term. Overly optimistic targets for BNB were $1,500 for the last quarter of the year.

In the meantime, if the BNB price drops below $1,000, it would indicate the first signs of weakness. However, the weakness would depend on the nature of the stay below this level.

On-Chain Metrics Driving BNB Price

Apart from the technical breakout, on-chain metrics also drove the price of Binance Coin. These rising metrics were attributed to the new developments proposed by BNB Chain validators.

According to a post by Binance founder CZ, validators proposed a 50% reduction in gas fees, particularly from a minimum of 0.1 Gwei to 0.05 Gwei. Additionally, they would accelerate the block interval from 750 ms to 450 ms. The proposal reduced the cost of transactions while ensuring they were executed quickly.

The goals behind these proposals revolved around innovation and trading efficiency. As a result, BNB Chain would attract liquidity flows and innovation from builders, thus keeping it competitive among top chains.

The chain was achieving the innovation bit with the viral AsterDEX (ASTER) launch, which surged by more than 1000% after CZ’s backing.

That was not all that BNB got. BNB Chain achieved another milestone in liquidity provision through its stablecoin supply. As per data from DefiLlama, the stablecoin market cap on BSC hit the highest level (roughly $12.5 billion) since 2023.

Moreover, there was high interaction on BSC, especially with the Binance Alpha program on Binance CEX. New tokens in this section gained traction from the general public, especially retail investors searching for gains.

Still, there was increased acquisition of the tokens, especially now that holders of BNB were receiving $30 to $50 in airdrops every month, as per AIXBT Agent on X. Still, trading the asset needed caution now that it was testing a zone never traded before.