Binance looks set to remain competitive for this altcoin in 2023 after facing headwinds last year.
Release year for this altcoin
In a new analysis, Messari research analyst James Trautman notes that the BNB Chain’s NFT sector is having a “breakthrough year” in 2022. According to the report, the chain’s secondary NFT sales volume increased 857.9% year-on-year. But that growth spiked in the middle of the year, and then BNB Chain’s sales volume plummeted in the second half of 2022 amid the larger crypto meltdown. Trautman says secondary NFT sales volume is down 67.4% from the previous quarter.
The research analyst says that when looking at day-to-day transactions, BNB Chain outperformed other layer-1 protocols in its peer group last year. Trautman argued that BNB Chain has “successfully implemented” its 2022 roadmap despite the serious challenges of the year.
This altcoin has serious potential
Chris Burniske, the former crypto leader of Ark Invest, recently made a bold prediction about the future of Ethereum in the market. In a recent statement, Burniske suggested that Ethereum will lead investors to Valhalla in the next step.
The analyst believes that the second largest cryptocurrency in the market will soon experience a surge of volatility that will send ETH to new unprecedented highs. This forecast is based on Burniske’s extensive analysis of the Ethereum network and its growth potential.
$ETH looking like it wants to lead us to Valhalla next
— Chris Burniske (@cburniske) February 8, 2023
Burniske is particularly optimistic about the upcoming Shanghai update implementation. He believes this upgrade will be a milestone for Ethereum as it will provide a significant improvement in the scalability, security and overall performance of the network. Once the update is applied, a breakout in the Ethereum/Bitcoin pair awaits which will push the ETH price to new highs.
But not everyone shares Burniske’s optimism. Some analysts believe that after the Shanghai update, ETH may face unprecedented selling pressure as blocked funds are unlocked. The argument is that investors who have been hoarding their funds for a long time may want to cash out after the update, which could result in a significant drop in ETH price.
Expected increase in the specified month
A famous crypto analyst with the username Crypto Bull on Twitter has claimed that Ripple blockchain token XRP will hit $23 by June this year based on historical patterns.
cryptocoin.com XRP is trading at less than half a dollar and was at an all-time high of $3.80 five years ago. Given that Ripple will have to travel around 6,200% to supposedly reach $23 in the next five months, the crypto community finds Crypto Bull’s prediction far from reality.
#XRP chart shows price at $23.80 by June! pic.twitter.com/iKvT574Rdv
— CryptoBull (@CryptoBull2020) February 5, 2023
Last year, Crypto Bull said it would be $4.7 for this altcoin, but that never happened. One Twitter user used this to mock the analyst’s current ‘$23 by June’ estimate. Yesterday, the Bank of England and the UK Treasury released an advisory on the digital sterling, a UK Central Bank Digital Currency (CBDC), that talks about Ripple technology. The firm cited blockchain under the heading ‘Enable private sector innovation’ in conjunction with Real Time Gross Settlement (RTGS).
The central bank also stated that it is working with Web3 Industry to develop new strategies and structures to capitalize on innovation.
