3 reasons why Binance Chain (BNB) rallied 66% since the crypto market crashed

cointelegraph.com:

BNB, the native token of Binance’s BNB Chain (BNB), has bounced 66% from its $183 low in mid-June. The move consolidates its position as the third ranked cryptocurrency (when stablecoin market caps are removed) and reflects a $50 billion market capitalization. BNB has outperformed the broader altcoin market capitalization after a devastating 73% correction that began in November 2021.

The above chart displays how this smart contract blockchain network suffered during the recent market collapse and how similar movements happened across the altcoin market. Now that BNB price has reached $300, let’s take a look at how the asset is positioned compared to July 2021 when it traded for the same price.

Back in July 2021, the altcoin market capitalization stood 21% higher at $740 billion. Bitcoin (BTC) and Ethereum (ETH) had already established themselves as the market leaders, but the dispute for the third position was far from settled, at least in terms of total value.

Despite still being the third largest cryptocurrency, BNB’s market cap was $47 billion, while Cardano (ADA) held a $46 billion valuation. Currently, no altcoin remotely matches its dominance and the gap has widened by more than $30 billion.

Smart contracts form the foundation of all decentralized applications (DApps), including decentralized finance, gaming, marketplaces, social networks and many other use cases. So what other success metrics are there besides the number of active users using addresses as a proxy?

PancakeSwap, BNB Chain’s decentralized exchange, has 1.98 million active addresses. The number is so massive that aggregating the next 4 competitors is not enough to match it. According to the data, the runner-up to BNB Chain is 1inch Network, which holds