As Bitcoin correction persists, altcoins have followed in the price drop and many top altcoins are currently struggling, including BNB.
This is despite the call by Binance former CEO Changpeng Zhao (CZ) on October 16 for Coinbase to list the token for the sake of inclusivity and openness.
The token has managed to trade just above $1,000, a price it broke above since September.
Price remains indifferent
BNB is one of the best performing top altcoins in this cycle, so much so that it displaced XRP to become the fourth largest asset by market capitalization.
It also surpassed $1,000 in price for the first time this year, and has reached several new all-time highs, with a peak at roughly $1,310.
As the market has been in correction for days now, the token could not escape and has also lost much of its gains to be trading currently at $1,085.
CZ yesterday called on Coinbase to list BNBChain tokens since the chain has listed several Base projects.
Ordinarily, this would have caused a surge in the price of not just BNB but other BNBChain projects as well.
Unfortunately, the surge did not happen probably because of the FUD (fear, uncertainty, and doubt) currently spreading around Binance and BNB. Ironically, CZ believes it is such FUD that makes BNB popular.
Current and future state
BNB has so far lost 4.3% in the last 24 hours, making it the second highest loser after Solana which has lost 7.6%.
Meanwhile, BNB is at its peak according to CryptoQuant, with 3.6 million daily active addresses, which analysts say:
“Have become a critical on-chain indicator for gauging the health of the BSC ecosystem and anticipating BNB’s next price move.”
This means despite the current market sluggishness, BNB will hopefully bounce back once the market starts to recover.
What do you think?
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