Binance Coin (BNB) Market Analysis February 2023: Witnessing a Resurgence Amidst Market Volatility

The first week of February delivers mixed results for the cryptocurrency market. Solana, XRP, and others witnessed a steep fall of 2% or more

The cryptocurrency market had a mixed first week of February, with some coins seeing steep falls and others showing signs of revival.

Solana, XRP and others witnessed a steep fall of 2% or more. Meanwhile, Binance Coin showed signs of revival as it rebounded from last week’s low.

When the market started today, Binance Coin was finally up 1.51% to trade at $580. Compared to last Monday, it showed a gain of 17%.

The non-fungible tokens are selling off fast, making investors happy.

Non-fungible tokens holding fort

The sales of non-fungible Binance tokens increased by 24% in the last week. There has been a staggering increase in the buyers who flock to the network. There are around 24000 investors of Binance tokens now.

But February saw mixed growth for the crypto market players.

Ethereum could not keep up the pace with token sales. In the last 7 days, the sale of ETH tokens dropped more than 40%. In the same breath, Solana fell 32% and Bitcoin 71%.

Profits Soar

The Binance network is gaining popularity as a decentralized crypto. The last 24 hours have been good for Binance by all means. The Blockchain transactions also reached $2.4 billion in the last day. Certainly, the volume also improved by 20%, the highest point in the last week.

A good burn rate is also helping Binance to maintain its market volume. There were loads of real-time burns in the last week. The net measure of real-time burn for this period was $279,645.

Analysis for Coming Months

Binance Coin’s future seems bright. In the upcoming months, the market will be more bullish. The first resistance could be $793. Analysts feel Binance could easily cross the mark within March. Once it does so, the next resistance would be $1000.

It is a great opportunity for investors to invest in Binance in the short term.