• Home
  • BNB Chain Q1 Growth with Q2 Slowdown: Investor Confidence Rises

BNB Chain Q1 Growth with Q2 Slowdown: Investor Confidence Rises

The Bottom Line

The BNB Chain recorded an impressive growth of 70% in the first quarter of 2024 compared to the previous quarter. This increase is reflected in both revenue and market capitalization. However, with the start of the second quarter, initial signs of a slowdown are showing. What does this mean for the future of the BNB Chain and its investors?

A Look at the First Quarter

In the first quarter of 2024, the BNB Chain was able to boast impressive figures. According to a report by Coin98 Analytics, the blockchain’s revenue increased by over 70%, which corresponds to a rise in fees to 66.8 million US dollars. Total revenues reached 6.62 million US dollars, an increase of 77% compared to the previous quarter. The market capitalization of circulating BNB tokens also increased by 65% to 60 billion US dollars, a 30% increase year-on-year. In addition, the number of BNB holders saw an increase to over 113 billion, which represents a growth of 80.7% year-on-year.

Changes in the Second Quarter

Despite strong growth in the first quarter, data from Artemis shows a decrease in fees and thus revenue in the first days of the second quarter. This development could indicate a change in the market environment. Despite the decline in revenue, the network activity of the BNB Chain remains high, as evidenced by an increase in daily active addresses and transactions.

Price Development and Market Sentiment

The price development of BNB also shows a cooling down in the second quarter. According to CoinMarketCap, the coin recorded a decline of more than 4% within the last seven days. Technical indicators such as the MACD and the Money Flow Index (MFI) suggest a possible further downward movement. Despite this negative price development, the weighted market sentiment for BNB improved at the beginning of April, indicating increased investor confidence.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Our Assessment

The BNB Chain had a strong first quarter, but faces challenges in the second quarter. Recent data suggests a possible cooling down in terms of both revenue and price. Investors should closely monitor these developments and adjust their strategies accordingly. However, the high network activity and improved market sentiment could be positive signals for the medium to long-term future of the BNB Chain.

Sources

– Coin98 Analytics
– Artemis
– CoinMarketCap
– Santiment

Latest News

Created by

I had my first experience with slot machines in 2011 during my semester abroad in Las Vegas. Back in Germany, I wanted to play the same slots, but that was only possible online. Since then, I've been playing slots in online casinos and love crazy ideas.
Reviewed by
Nerd of Numbers

Last update: 25. September 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.