Binance Coin Echoes Price Movement Seen In 2018 Bear Market
2022.07.18 16:38
Binance Coin Echoes Price Movement Seen In 2018 Bear Market
- Binance Coin’s (BNB) daily transaction volume has dropped by 58.2% as of July 11.
- Daily transaction volume for ETH and SOL has dropped 13.7% and 18.1%.
- BNB’s price seems the most resilient in this bear market.
According to a report released from CoinMarketCap Alexandria, Binance Coin’s (BNB) daily transaction volume has dropped by 58.2% as of July 11. Meanwhile, daily transaction volume for its competitors, Solana (SOL) and Ethereum (ETH) only experienced an 18.1% and a 13.7% drop respectively.
The report also showed that the number of daily active addresses on BNB Chain and Ethereum dropped by 68.8% and 27.2% respectively, while the number of daily active addresses on Solana increased by 20.4%.
Alongside the dwindling transaction volume, the total fees generated by each of the blockchain networks per day have fallen off a cliff. This has potentially reduced revenues for miners and validators but has however also lowered costs for the end user. All three platforms saw a reduction of between 88.8% and 91.9% in their daily network fees between November and July.
Looking at the change in the value of each platform’s native token, BNB is the winner after falling from its peak at $653.32 to $255.03 as seen at the time of writing – an almost 61% drop. This largely mirrors its performance during the 2018 bear market, where BNB outperformed almost all of the other top 100 assets to show its strength amidst the bear trend.
ETH fell by more than 70% in the same period to bring its price down to $1,427.60 at the time of writing. SOL’s negative price drop exceeded both ETH’s and BNB’s following an 80+% fall in price over the same period. This may be at least partially owed to the network’s multiple outages in recent months.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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