Binance Coin (BNB) recorded an impressive performance over the past few sessions, triggering improved investor faith in the token. That past 24 hours had Binance Coin recording an over 5% uptick. That saw the coin joining the top performers in the top-ten cryptocurrency list by market cap.
While writing these lines, Binance Coin traded at $278.74, while its market cap stood at $44,958,934,096. Though the crypto market’s volatility makes it arduous to identify the reason behind an upsurge, Binance’s latest platform upgrade could have enhanced BNB’s impressive performance.
What’s the Update?
Binance revealed its new zkBNB launch recently. The innovation targets to pinpoint blockchain scaling issues within the BNB chain. Meanwhile, the zkBNB utilized similar underlying layer1 security as the BSC (Binance Smart Chain), promising secure and safe building opportunities.
One of the significant benefits of the update includes amplified scalability. Moreover, it introduces atomic swaps and payment integration. Market players can automatically swap digital assets without authorization through liquidity pools and built-in AMM for decentralized finance (DeFi) usages.
Also, Binance commented on developers that will benefit from the update. It stated that creators building NFT decentralized applications will use zkBNB’s in-built NFT market & API services. That would allow teams to create an out-of-the-box market for NFTs and crypto collectibles.
The ecosystem’s impressive developments impacted BNB’s price. The alternative token attained an upside strength within the past day. Assessing the token’s on-chain index also demonstrated a similar tale.
Binance Coin’s development activity heightened within the past few days. That reflected the new updates, confirming developer efforts to enhance the blockchain.
Surprisingly, massive volumes didn’t back BNB’s price uptick. That increases the credibility of the upside move. The MVRV ratio also revealed similar actions, going up, translating to an amplified probability of price upswing in the upcoming times.
A wedge setup emerged on the token’s daily chart, somewhat backing the chances of an upside breakout soon. The RSI (Relative Strength Index) swayed beneath the 50-neutral, whereas the CMF (Chaikin Money Flow) supported the upcoming bull run expectations.
Nevertheless, the EMA (Exponential Moving Average Ribbon formed a bearish cross. That could disrupt BNB’s upside.