3 Reasons Why Traders Are Setting a $800 Price Target for BNB
BNB price continues to show strength, prompting traders to set a $800 price target for Binance exchange token. Check out the 3 complete reasons in the following news!
Binance Still Leads in Trading Volume and Market Share
binance trading volume
Monthly AA-A Spot Exchange Volume. Source: CCData
Binance remains the top crypto exchange in terms of market share, despite its trading activity slowing down in April. Binance processed an average daily trading volume of $14.5 billion in April, down from $22.4 billion in March.
However, Binance is still far ahead of its closest competitor, Coinbase, which processed an average daily trading volume of $3.3 billion in April. Binance’s market share also remains strong, with the exchange controlling around 60% of the total global crypto trading volume. Coinbase is in second place with a market share of around 15%.
BNB’s price action over the past few days has led to more on-chain activity, reinforcing the growing relevance of BNB Chain. The number of daily active addresses on BNB Chain has increased from around 1 million in early April to over 2 million by the end of April.
The number of daily transactions on BNB Chain has also increased from around 3 million to over 6 million over the same period. This increased network activity suggests that BNB Chain is gaining more usage, which is a good sign for BNB’s price.