A popular cryptocurrency trader has pointed out that BNB ($BNB) has been steadily outperforming the flagship cryptocurrency Bitcoin ($BTC) over the last few weeks as it’s continuing a price discovery phase during the bear market.
Pseudonymous cryptocurrency analyst Kaleo shared with their over 500,000 followers on the microblogging platform Twitter a chart showing that against BTC, BNB is at a new all-time high and is in price discovery as it’s an “actual tank.”
Kaleo’s comments come after a report revealed that the BNB Chain, formerly known as the Binance Smart Chain, has been outperforming other Ethereum ($ETH) competitors in what has been dubbed a “breakout year,” in part when it comes to its non-fungible token (NFT) market.
According to a recent report, BNB Chain’s non-fungible token sector experienced exponential growth so far this year, with a significant rise in secondary sales volumes and the number of unique NFT buyers on the network.
The report adds that BNB Chain has slightly reduced Ethereum’s dominance in NFT sales in the second quarter of the year. Its NFT volume surpassed competitors including Ronin, Flow, and Polygon in terms of daily sales, the report adds.
It concludes that BNB Chain “outperformed across several financial, network, ecosystem, and development metrics over the quarter.” The report notes that there was a “noticeable spike in transaction count and revenue across each chain during the middle of May,” but added the magnitude was more significant for BNB Chain.
Notably, over the last 30 days BNB has been significantly outperforming BTC, with the flagship cryptocurrency being up 9.2% over said period and BNB being up over 34%.
In other tweets Kaleo also focused on other cryptocurrencies, noting that on the ETH/BTC chart, ETH looks “ready to finally rip higher” against the flagship cryptocurrency. The analyst also pointed out that Litecoin broke out of a major resistance against BTC and could move higher.
Image Credit
Featured image via Unsplash
