- BNB’s price increased by 4.34% in the last 24 hours.
- Active users on the BNB network surged, impacting the price rise.
- BNB may drop to $238 but the recovery beyond $243 is very possible.
Out of the top 10 cryptocurrencies as per market cap, Binance Coin (BNB) gained the most in the last 24 hours. At the time of writing, CoinMarketCap data showed that BNB’s price was $243.63. This value represents a 4.34% hike within the said period.
Also, the likes of Bitcoin (BTC) and Ethereum (ETH) made gains. But their numbers were not close to the Binance-developed coin. While buying momentum was definitely one of the reasons the BNB price surged, on-chain metrics showed that there were other grounds.
Network Activity Also Contributes
One example of the metric driving the uptrend in the active addresses. Active addresses show the daily level of interaction or speculation around a cryptocurrency. At the time of writing, Token Terminal data showed that the metric increased by 3.46% on November 4.
Although the active addresses count decreased at press time, the initial hike alongside the market recovery meant that there was a surge in interest in trading BNB. …
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