Binance Smart Chain Records Daily Transaction Boom, as Binance Coin Resumes Bull Run
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Binance Smart Chain (BSC) and associated decentralized exchanges (DEX) have recorded, possibly, the most growth in the decentralized finance (DeFi) industry this year.
With the price of gas fees soaring across blockchain platforms, most newcomers and small-scale investors have been trooping into the Binance-powered blockchain because of its relatively cheap transaction fees.
The Binance Chain Community posted a tweet yesterday showing that daily transactions have now hit a record six million. For context, that figure was at 4.8 million the day before.
According to Bscan, the daily transaction has crossed the eight million mark, surging more than 50% over the last seven days.
Meanwhile, Binance CEO Changpeng Zhao has capitalized on the boom to deride the Ethereum blockchain. However, PancakeSwap, the largest project hosted by the company, the network has come under pressure because of skyrocketing demand and is currently overloaded.
The report came after several users complained about several failed transactions and error messages when using the DEX.
Also, while it is still miles away from what the Ethereum network makes, the average gas limit on BSC has climbed by more than 87% over the past fourteen days, according to Bscan.
Bscan added that the amount of gas used on BSC per day surged by about 50% yesterday, on April 20.
Key BNB Levels to Watch — April 21
Binance Coin (BNB) has surged by over 25% over the past 24 hours, as BSC use spiked. That said, the third-largest cryptocurrency is currently trading along a steep ascending trendline and is looking to reclaim its recent all-time high at $638.
That said, we should expect some resistance from bears around the $600 psychological resistance area, which could send the BNB into a rangebound move over the coming hours between $607 – $575. A clean break above the $610s should pave the way for a retest of the ATH.
Meanwhile, our resistance levels are $607, $638, and $670, and our support levels are $575, $550, and $520.
Total Market Capitalization: $2.04 trillion
Binance Coin Market Capitalization: $90.3 billion
Binance Coin Dominance: 4.4%
Market Rank: #3
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