Binance Coin (CRYPTO: BNB) defied the negative sentiment in the cryptocurrency markets, registering a 5.5% gain single-day gain. Analysts maintain a bullish outlook on its future performance.
What Happened: The Binance cryptocurrency exchange on Wednesday announced its 47th project on its launchpool.
Portal, a cross-chain gaming platform, is scheduled to be listed for trading on Feb. 29.
Possibly driven by this announcement, BNB defied a market-wide downturn and is currently trading around $371.
The exchange's cryptocurrency clocked a 5.2% gain over the past 24 hours, marking its highest level since May 2022. Trading volumes have surged by 45.2%.
According to Coingecko data, the total value locked on the BNB Smart Chain increased by 1.2% in the past 24 hours, while trading volumes expanded by 19.3%.
Also Read: Altcoins Are 'On The Verge Of A Golden Cross,' Says Analyst: This Is His Key To Success
Why It Matters: In a research report titled "BNB Chain & the Web3 Blueprint," Binance announced its BNB Smart Chain achieved a record-breaking throughput by processing 32 million transactions in a single day in late 2023.
The BNB Smart Chain also hit its peak throughput of 2,000 transactions per second (TPS).
Additionally, opBNB, another BNB Chain blockchain, reached an all-time high in the final quarter of 2023, with 71 million transactions processed in a single day and a throughput of 4,500 TPS.
Some analysts voiced bullish predictions for BNB following the outperformance.
Crypto Rover, a popular crypto YouTuber, shared on his platform that BNB “is breaking the weekly downtrend.”
One crypto trader predicts a key psychological level to be hit soon:
. $BNB crossed 370$
— Zia ul Haque (@ImZiaulHaque) February 21, 2024
Cup and handle breakout.
The next level is $400. pic.twitter.com/clFG0xammj
Whether the market is entering “BNBchain season” remains to be seen. Binance is aiming to achieve precisely that with its 2024 Web3 Blueprint.
Read Next: Altcoin Indicator 'Has Changed To Green,' Says Analyst: 70% Higher Is 'First Real Target'
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