- Binance Smart Chain hits 2.7M in just 24 hours.
- BNB has managed to climb towards a $30 billion market capitalization.
- On the other hand, TRON hits its 3.5M transactions in 417 days, back in August 2019.
The Binance Smart Chain (BSC) has hit 2.7 million transactions in the past 24 hours. For comparison, Ethereum usually has about 1.2 million. However, the fees on BSC are incredibly low-cost, which makes transactions easier to process.
BSC has indeed obtained much traction due to the wildly high fees on Ethereum. PancakeSwap, primarily the Uniswap of BSC, has received more than $1 billion in liquidity and recently attained a $1.5 billion market capitalization. The exchange also prepares around $1 billion in trading volume per day.
On BSC, users have to pay using Binance Coin (BNB), which usually drives the crypto price up.
Binance Coin Bullish Movement
In the past two weeks, the BNB price has risen to 300%. However, the number of whales has remained to increase. The number of large holders increased by 12x. It indicates that large holders believe BNB prices could rise even more soon.
If BNB bulls can keep up this drive, the digital asset can quickly surge towards $250, the 127.2% Fibonacci level. BNB price could even get a shift to $272 at the $141.4$ level.
However, Binance Coin is overextended and bound for a correction eventually. The nearest support level is located at $163, the 78.6% Fib level, but it can go as low as $133 at the 61.8% level.
TRON Amid Binance Growth
On the other hand, it’s been over a year since TRON’s mainnet went live, but the network took 417 days to hit its 3,500,000th transaction. Despite that, creating an account on TRON is still easy.
Previously, TRON became involved in some controversy. With many users, it remains unclear how many of these addresses are linked to real individuals. On a positive note, Tron’s DeFi ecosystem has now exceeded $5.7 billion.
TRON Foundation has officially launched its Singapore-based cryptocurrency TRON in September 2017. Despite the network growth, the price of TRX has bled slowly during the entire year. For TRON fans, it’s a sign that the fundamentals are great, but the network has yet to show itself to the crypto-community at large.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.