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BNB holders should prepare themselves to reverse this trend

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BNB, the local token of cryptocurrency exchange Binance, has successfully passed the bearish month of September with minimal losses.

  • BNB is currently trading at $285.40 which is up 3.4% over the past two weeks
  • Altcoin’s MVRV Drops, Indicating a Possible Price Drop
  • BNB’s social size drops as interest may fade

With a market capitalization of $45.8 billion, it is 5The tenth The largest digital currency after Bitcoin, Ethereum and Tether.

At press time, according to KoenigkuThe coin, which was first introduced via an ICO in 2017, is trading at $281.40, increasing its price by 3.4% over the last 14 days.

The beginning of October also looks bright for BNB, as its network has seen a number of positive developments that could prove useful in its attempt to rally higher in the coming days.

But experts are now giving words of warning to asset owners as other metrics and indicators may point to a possible drop in the trading price of Binance Coin.

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BNB metrics to watch out for

Amidst the good performance of BNB, those who own the digital asset should keep an eye on some of its important metrics.

First, the MVRV of Binance fell last week which means a bearish signal for the cryptocurrency.

MVRV is the ratio of an asset’s market value to its realized capitalization.


source: Emotion

Moreover, over the past seven days, BNB trading volume has also seen a decline. As of this writing, the 24-hour coin has a volume of $924.5 million.

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BNB holders should also pay attention to their RSI as they put the digital asset in oversold mode.

This may move the price in a downtrend in the coming days.

It is also possible that the crypto community’s interest in BNB will fade, as its social size has also declined.

BNB antidote to negative metrics

While the metrics suggest that the good days may be over for BNB holders, the token still has positive things to count on.

Over the past seven days, a total of 1.73 million new addresses have been registered on the altcoin network.

During the same period, the BNB chain also recorded 3.1 million unique active users, bringing the daily average to 778,000.

BNB also accounted for 20.7 million transactions as the total closed value (TVL) increased to $5.45 billion.

Finally, 1,495 BNB coins were burned which means that the circulating supply has decreased slightly in number.

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Currently, the BNB coins in circulation are 163,276,974. The maximum asset bid is 165,116,760.

Crypto total market cap at $907 billion |  Featured image from Finbold, Source: TradingView.com



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the main indicator signals the bottom; Ethereum Core Devs Back EIP-4844

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The fall of FTX left its mark on the price of Ethereum (ETH). Over the past 30 days, Ether has recorded a decline of almost 20%. At the time of publication, the price is at $1,171, just above the crucial support at $1,100.

In the short term, ETH price found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the $1,100 level may be on the cards.

Ethereum ETH USD 2022-11-25
Ethereum price, 1 hour chart. source: TradingView

An important on-chain indicator for bitcoin Indicates That this does not have to be the case. As the cryptocurrency market relies heavily on Bitcoin as the largest cryptocurrency by market capitalization, a decline in BTC could also mean accelerating gains for altcoins, led by Ethereum.

As a cryptocurrency exchange ByBit notes In his analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term bitcoin holders has surpassed that of long-term bitcoin holders (HODLers) for the first time in this cycle.

The MVRV shows periods of market euphoria when the market value was much higher than the realized value, meaning the cost basis for bitcoin purchases. “This may indicate a possible bottom formation, especially when position traders outperform HODLers with strong convictions,” the analysis says.

MVRV junctions
MVRV junctions. source: notes

Ethereum: EIP-4844 implementation in March?

Meanwhile, Ethereum investors can very much look forward to it Positive news. As summarized by Tim Beiko, Ethereum developers are working on embedding EIP-4844 (also known as proto-danksharding). This is a highly anticipated expansion proposal, in a future upgrade of the mainnet.

Whether to roll out EIP-4844 with Shanghai in March is currently pending. However, a decision could be taken on December 08. This is when the next Asian Cooperation Dialogue will be held, the last in 2022. Pico advertiser He added that “it would be great to close out the year with the final specifications for Shanghai”.

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So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit token and counter), and EIP-4895 (Beacon chain withdrawals as operations) are guaranteed for the Shanghai Hard fork of Ethereum.

EIP-4844 aims to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes.

Liam Horne, CEO of OP Labs, developer of Optimism that uses assemblies, she expressed Tier 2 fees could be much cheaper. “This is a game-changer for the roadmap that focuses on collecting, where fees can be reduced up to 100-fold,” Horn said.

Co-founder of Ethereum Vitalik Buterin comment on EIP-4844 as follows:

This is a critical first step to dramatically lowering fees on L2, which helps make it affordable for much more users to use on-chain applications directly rather than relying on cefi intermediaries.

Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, preferably around March. “There are other things they are [the Ethereum client teams] They work in parallel, and if they can do it at the same time, we should include them, but it is the pull-ups that drive the fork,” Biko summed up.

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At the same time Beiko emphasized that the EIP-4844 is the second most important. Thus, if all goes according to plan, it still has a chance to merge into the Shanghai hard fork.


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Cryptocurrency exchanges need proof of reserves – Bitcoin Magazine

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The Bitcoin Policy Institute (BPI), a nonprofit dedicated to promoting government adoption of bitcoin, has released a new report discussing Proof of Reserves (PoR) in the bitcoin and cryptocurrency ecosystem after the FTX collapse, per an issue submitted to Bitcoin Journal.

“Proof of Reserves: A Report on Mitigating Cryptocurrency Custody Risk” Discusses the repercussions of FTX’s bankruptcy. This cascading event has led to multiple exchanges pledging to offer a form of PoR, where companies offer transparent visibility into the assets held as a way to provide consumer protection from insolvency.

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The new “worst scenario” for Bitcoin puts the BTC bear market bottom near $6k

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bitcoin (BTC) still faces the risk of going below $7,000 in this Alcohol marketwarns the latest worst-case scenario prediction.

In her most recent live broadcast broadcast On November 24, the DecenTrader trading platform revealed targets for the bitcoin price bottom.

The analyst refers to “oldschool, rock-hard support” for Bitc

The latest in the series of BTC/USD forecasts, Decentrader founder Filbfilb set out Possible drawdown below $10,000 on pair cards.

“In my worst-case scenario, I think we’ll probably end up with, like, old school, hard backing,” he said of the bidding area at around $6,500.

This is where “buyers will likely start repacking their bags,” he added, noting that this level was roughly double the 2018 bear market and the March 2020 COVID-19 crash lows.

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While “unlikely” under current circumstances, Filbfilb nonetheless argued that a more significant fallout from the FTX internal meltdown could remove bid support at the top of the order book, opening the door for this capitulation event.

He continued, “Until we get more information, this seems unlikely, and as I say, I think the fact that we didn’t sink more than we really did is a good sign for the bulls.”

Due to recent events, as Cointelegraph reported, BTC/USD is, in fact, I managed to dip less Compared to previous all-time highs compared to previous bear markets.

BTC/USD price has pulled back from the all-time high chart. Source: Glassnode

The accompanying debate revolves around whether a deep dive was necessary to match those lows and put an end to the current downtrend.

Filbfilb commented that for Bitcoin to bottom while avoiding the worst-case scenario, crypto will need to “dodge a few bullets” in terms of the FTX fallout, and macro markets will also need to stay strong.

BTC price is navigating the bear market pits

Elsewhere in the livestream, Decentrader co-founder Philip Swift, who is also the creator of data resource LookIntoBitcoin, explained other recent charting phenomena.

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Related: Will Bitcoin price reach $110,000 in 2023? 3 Reasons to Be Bullish on Bitcoin Right Now

Among them was the growing number of Bitcoin wallets that now hold at least 1 BTC, and soon will pass the 1 million mark for the first time.

This is a direct result of currency withdrawals In view of FTXSwift said.

He added that though 18 months ahead, the next event of the Bitcoin block subsidy halving in 2024 will also become a major narrative focus moving forward.

This, in turn, will have “some positive effect on the price in terms of media coverage and anticipation of the next halving event.”

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Comparative chart show up BTC/USD is currently in the lower part of a four-year cycle, showing a strong correlation between 2014 and 2018.

Bitcoin bull market comparison chart (screenshot). Source: Decentrader.com

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.