Binance Coin (BNB), which has seen a strong start to 2023 with its price hitting new highs, currently sits at #7 on CoinMarketCap’s top cryptocurrencies according to market capitalization.
BNB’s current price was $244 on December 31, 2022 and it has now reached $276 as of January 10, 2023. This is a significant rise and has made BNB a promising coin in the crypto community. This price increase can be attributed to several factors including increasing usage and adoption of Binance’s services and a renewed interest overall in cryptocurrency.
Industry experts believe that BNB will continue to be a strong platform in 2023 as the Binance ecosystem grows and expands. Binance continues to be one the most used and popular platforms for trading cryptos. The exchange’s services, such as borrowing, staking and lending, are also increasing in popularity. In order to grow its ecosystem, the exchange has been seen entering into partnerships and collaborations.
Binance Smart Chain (BSC), has been another key factor in driving the price up for BNB. Binance Smart Chain is a blockchain with high performance that uses the same codebase and protocol as Ethereum. It supports decentralized applications (dApps), as well as smart contract functionality. This will drive adoption of Binance, BNB and other blockchains by the developers.