- Binance’s stablecoin BUSD market cap has risen over 400% this year, reaching $20 billion.
- BNB's price has risen 7% in market value since October.
- Binance Coin circulating supply has been persistently reducing throughout 2022.
Binance Coin price has risen 7% to start the month of October. Several industry advancements behind the scenes accompany the bullish influx.
Binance Coin paves the way forward.
Binance Coin price ascends 7% in stair-step formation this month, making investors wonder what to make of the current market conditions. While the technicals may be more of a guessing game, Binance has recently made several advancements in the crypto space.
Most notably, BUSD, the pegged US dollar stablecoin powered on the Binance blockchain, has crossed the $20 billion mark of market cap. That is more than a 400% growth in market cap since the start of the year. According to Binance, the stablecoin has become a reliable favorite amongst investors.
CoinMarketCap's Stable Coin Market Cap
The rise brings BUSD third place beneath the USDC and USDT powerhouse competitors. This is a promising gesture for the Binance Coin's future, as BUSD requires BNB gas fees with each transaction. In theory, more demand for BUSD should also create a demand for BNB.
Santiment;s Circulating Supply Indicator
The BUSD component adds an interesting mix to the grand scheme of things. According to Santiment's 2-year circulation indicator, Binance Coin has witnessed a significant influx of coins being locked away in cold storage. Currently, BNB has 21 million tokens in circulation. A supply that was last witnessed in 2020 when BNB traded at $14 just before the infamous 5x rally by 2021.
Combining these factors, Binance appears to be positioning itself for crypto dominance. If the crypto market does witness another bull run, Binance Coin could be a key player in terms of growth and support through the help of the evergrowing BUSD token.
In the following video, our analysts deep dive into the price action of Binance Coin, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.