The Binance Coin (BNB) was able to register a new ATH of $148.7 as the price soar by 200%. The native token of the Binance Smart Chain soared after breaking the $100 price on Tuesday.
A news post on coingape stated that Binance Coin BNB was able to register a new ATH of around $148 that is a rise of 200%. This makes it one of the best performing altcoins. Yesterday, saw it face slight resistance of $80 and $100.
The colossal price rally also enabled the BNB to race past Ethereum based with the regular transaction volume. Why this sudden rise in the price? Market analysts have pointed out that it could be due to the rise in popularity of the Binance smart chain.
Today, BSC is used for providing transactions as Ethereum is getting a setback because of the rates of its gas fees. CoinGape offers crypto-related news, insights, reviews, and price analysis had this to tweet on BNB Registers New ATH of $148.7.
— CoinGape News (@CoinGapeMedia) February 10, 2021
BSC was able to raise nearly $300K in transaction fees. This despite the fact that the Binance smart chain is must cheaper than Ethereum. A key thing to note here is that the rising gas fee for Ethereum is making BSC the largest profits.
The Ethereum is trading ATH of more than $1800. However, the rising gas fee is hurting the network often. It is coming back to do the same. This is the ideal opportunity for Binance smart chain to turn up the heat on Ethereum.
The low gas fees from BSC are making it an attractive option for traders settling ERC-20 transactions in the market. Unfortunately, BSC is not decentralized. Many traders are using Binance smart chain for returns of the transaction value.
This works better than Ethereum. Just last week, Binance Coin was able to go past by more than 27% on the charts. Besides, it could hit a new ATH in the market that can project greater heights in the near term.
In the month of December last year, 2020, when BTC shrunk to $26,000, Binance Coin was able to change gear and make a new all-time high of almost $40. The BNB surges recently are due to the sharp profits earned in trading volume.