Binance coin [BNB] seems to be emerging as the most promising coin. While the entire crypto-verse was riding the bull, BNB had surged by over 30% in the last 24-hours. Bitcoin had hit a high of $52K while its market cap was seen to reach $1 trillion.
Astonishingly, the Binance coin was seen taking over as the sixth largest coin as its market cap sprung up to a high of $26.32 billion. XRP was once again pushed further down the crypto ladder.
At the time of writing, BNB was trading for $170.74 as it was experiencing correction from its all-time high of $175.12 that it achieved about 10 hours ago. Binance coin [BNB] has time and again been touted as an Ethereum [ETH] killer. ETH was also seen close to hitting a high of $2K; at press time, the altcoin was $1,905.
Changpeng Zhao, the CEO of Binance, even tweeted an increase in the Binance Smart Chain compared to ETH. He tweeted,
There are almost 2x more transactions on #BSC than on ETH.
— CZ 🔶 Binance (@cz_binance) February 18, 2021
While some suggested that both these networks could co-exist, a few others were adamant about Binance being an Ethereum killer.
Binance coin one-day chart on Binance
BNB was experiencing a smooth sailing towards $200. The one-day price chart of BNB pointed out that the bulls would aid this journey of the asset towards $200.
The Parabolic SAR indicator was seen prolonging its line of support it had laid down for the asset below the candlesticks. This line would prevent BNB from slumping any further below. BNB’s price movement even led to speculations that $160 was the new floor for the altcoin instead of $130.
The Awesome Oscillator indicator also suggested that the bulls were in the BNB market by laying out green closing bars. Additionally, the Klinger Oscillator formed a bullish crossover.
Binance coin advances its stay in the overbought zone
While the buyers’ sentiment was intact in the BNB market, the Relative Strength Index announced that the altcoin was being overbought as the marker was well above 80 median. The asset was being overbought through the month and was now seen aiming for 90 median. This could further prove to be beneficial for the altcoin.