Why it's not quite game over for Binance Coin and its traders

Why it's not quite game over for Binance Coin and its traders

ambcrypto.com
3 min read
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At the time of writing, most of the market's top cryptos were trading in the red. Not only on the daily timeframe but on the weekly too. Like other altcoins, Binance Coin too presented some serious losses after Bitcoin's 7 September crash. The crypto shed almost 19% of its value in the last five days […]
At the time of writing, most of the market's top cryptos were trading in the red. Not only on the daily timeframe but on the weekly too.

Like other altcoins, Binance Coin too presented some serious losses after Bitcoin's 7 September crash. The crypto shed almost 19% of its value in the last five days alone, while also dropping by 30% in just a fortnight.

Now, even though this was largely due to the larger market's fall, there were other reasons behind it too. This article will delve into the same.

Binance Coin's correlation with BSC

It is no surprise that some correlation can be seen between the activity on Binance Smart Chain (BSC) and BNB's price. In fact, in the past, healthy statistics on Binance Smart Chain with respect to network growth and participation have acted as support for BNB's price.

For instance, a recent report also touched upon how BSC had steady network growth when compared to other chains like Polygon.

With respect to new addresses, Ethereum addresses created on a daily basis do not exceed 110,000, while that of BSC are…
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