Is October excellence on all fronts a guarantee of a good November for Binance?
It’s rare to have three different financial sectors associated with a single name that all do equally well, and Binance has done it. In the past week alone, Binance made a significant impact as three areas of the platform rose and contributed to the beautiful end of October.
Excellence on all fronts
Binance is one of the most important players in the crypto space as it is the largest exchange platform in the world. At the same time, it has the second largest DeFi chain, the Binance Smart Chain, and finally the third largest asset in the BNB crypto market.
However, it rarely happens that all three work so well together that one wonders if they are motivating each other?
For the week, the Binance exchange hit $ 78 billion in just one day, its highest level in more than a month. Even so, at the time of this writing, the index is now down to $ 48 billion.
Binance trading volume | The source: Nomics
The BNB also proved to be unsurpassed with a plus of 12% over the course of the week. In fact, in just 2 days from October 28th and October 29th, 2021, the price rose 18.06%.
BNB 4-hour chart | Source: TradingView
Binance Smart Chain also showed phenomenal performance in the DeFi sector. For nearly a month, Polygon has outperformed it on all fronts. In the past week, however, the participation rate rose by 7.6%, making BSC number 2 again behind ETH. An average of 1.6 million addresses were created between October 22 and 25, and the number of active addresses also increased by 32.89%.
Total number of addresses after string | Source: Coin98
As a result, the number of daily on-chain transactions is making history as it breaks the 10 million transaction barrier, which is 10 times more than ETH and 3 times more than Polygon.
Number of daily transactions by chain | The source: Coin98
Due to the increased number of transactions, the daily gas consumption in the network rose to the same high as during the NFT boom from July to August.
Daily gas consumption on BSC | The source: BSCScan
While the Binance ecosystem had a very good week since it happened in late October, market participants were expecting an even better November.
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Is October excellence on all fronts a guarantee of a good November for Binance?
It’s rare to have three different financial sectors associated with a single name that all do equally well, and Binance has done it. In the past week alone, Binance made a significant impact as three areas of the platform rose and contributed to the beautiful end of October.
Excellence on all fronts
Binance is one of the most important players in the crypto space as it is the largest exchange platform in the world. At the same time, it has the second largest DeFi chain, the Binance Smart Chain, and finally the third largest asset in the BNB crypto market.
However, it rarely happens that all three work so well together that one wonders if they are motivating each other?
For the week, the Binance exchange hit $ 78 billion in just one day, its highest level in more than a month. Even so, at the time of this writing, the index is now down to $ 48 billion.
Binance trading volume | The source: Nomics
The BNB also proved to be unsurpassed with a plus of 12% over the course of the week. In fact, in just 2 days from October 28th and October 29th, 2021, the price rose 18.06%.
BNB 4-hour chart | Source: TradingView
Binance Smart Chain also showed phenomenal performance in the DeFi sector. For nearly a month, Polygon has outperformed it on all fronts. In the past week, however, the participation rate rose by 7.6%, making BSC number 2 again behind ETH. An average of 1.6 million addresses were created between October 22 and 25, and the number of active addresses also increased by 32.89%.
Total number of addresses after string | Source: Coin98
As a result, the number of daily on-chain transactions is making history as it breaks the 10 million transaction barrier, which is 10 times more than ETH and 3 times more than Polygon.
Number of daily transactions by chain | The source: Coin98
Due to the increased number of transactions, the daily gas consumption in the network rose to the same high as during the NFT boom from July to August.
Daily gas consumption on BSC | The source: BSCScan
While the Binance ecosystem had a very good week since it happened in late October, market participants were expecting an even better November.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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