It’s been a big week for BNB, the cryptocurrency that power’s the Binance Smart Chain. After tumbling to two-month lows late last week in the mid-$260s amid generalized risk-off across asset classes amid concerns about US bank failures, BNB has seen a stunning rebound.At current levels around $330, BNB/USD is changing hands close to 25% up versus last week’s lows.
Part of the rally can be explained by the crypto market’s broader recovery on a mixture of 1) optimism that the response from US authorities to bank troubles will be sufficient to prevent a crisis, 2) that, in the face of a fragile banking system, the Fed won’t do too much more tightening and 3) a growing narrative that crypto is a safe haven against trouble in the traditional financial system.But while the rest of the crypto market has been consolidating in the last few days, BNB has continued pumping and was last up 8% in the last 24 hours as per CoinMarketCap.
That’s probably due to the news that Uniswap, the largest Decentralized Exchange, has deployed on the BNB Chain, adding to the chains utility substantially.
Analysts expect this will bring substantially more on-chain activity.Things are looking very good for BNB from a technical perspective.Read more on cryptonews.com