Binance Coin Likely to Replace Cardano as Third-Largest Crypto with Record-Breaking Value of $700
Not so long ago, Binance, the native token of the dominant crypto exchange Binance (BNB), dropped from its third position as one of the biggest digital currencies based on market cap.
A number of sources have disclosed that Binance is thinking of making an investment from government funding. The investment is estimated at a value of $200 billion.
Most experts believe that there’s one key reason that may have caused Binance to ask for protection from the government.
This is the fact that there have been more regulatory issues raised relating to the exchange’s activities and product offerings across Singapore, the UK, the US and China.
Based on our research, the government of Singapore has been identified as the most probable to put money into Binance. The crypto exchange has refused to give any comment on this issue.
There’s speculation that Binance native asset is going to gain, owing to the response from the investment proposition. Analysts believe that BNB could shoot to $700.
Host of the Wolf Of All Streets podcast and independent crypto analyst, Scott Melker, is among the individuals who suspects that BNB could surge to $700.
By now, it’s evident that Binance coin is the biggest competitor of Cardano. On the same note, the downward trend of Cardano’s staked volume shows a decrease in interest from merchants.
If this downward trend persists, the setting will only become more conducive for BNB to get ahead. It means it may just be able to recover and take Cardano’s spot as the third-biggest crypto by market capitalization.
In spite of the bearish on-chain indicators, analysts believe that the market may still be in favor of Cardano as its price looks pretty solid. In fact, the next target that Cardano aims to reach is $3.50 although a few individuals believe that it could climb up to $3.62 before retracement starts.