- The daily transaction fees for BNB Chain have reached their highest level in this year.
- Participants in the spot market continue to accumulate coins.
Transaction fees for daily transactions BNB Chain [BNB] The 9th of march saw a new YTD high, according to the Artemis Dashboard.
Source: Artemis
The data provider said that total fees on Layer 1 (L1) of the Blockchain network had reached an all-time high on this particular day, reaching $1.2 million.
This was a 134% rise compared to $512,000 of fees collected on the chain at the beginning of January.
A network’s revenue increases as its transaction fees rise.
BNB Chain also had a record-breaking day on March 9th, with a revenue of $124,000, the highest since 2024.
Artemis’ data indicates that BNB Chain’s YTD revenue has increased over 140% from the 1st January.
It’s interesting to note that the increase in BNB Chain daily transaction fees and revenues has taken place despite the fact that user activity in the network has declined since the start of the year.
According to data from DappRadarOn the 9th January, the number of wallets active that have completed at least one transaction in any of the decentralized apps (dApps), housed on this chain, plummeted, reaching its lowest level since February 2021.
On that date, the total number of unique addresses active on the BNB Chain was 144,000. This represents a 77% decrease from the 626,000 records recorded on the 1st day of the new year.
Source: Artemis
Bullish sentiments grow stronger
BNB, the native currency of the BNB Network, traded hands at $494. The value of altcoins has increased 54% over the past month. CoinMarketCap’s data.
The coin’s daily price chart showed that the price could rise if sentiment is positive.
The Chaikin Money flow (CMF), a measurement of the flow of cash into and out the BNB Market, was in a positive trend as of the time of writing. It was 0.41. Positive CMF values are a sign that the market is strong.
When the CMF values of assets trend in this fashion, it means that the spot markets are able to provide the liquidity necessary to maintain its price rise.
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What are the costs? 1,10,100 BNBs worth today?
Additionally, AMBCrypto observed the coin’s moving average convergence/divergence (MACD) indicator and found that the MACD line was on top of the trend line and significantly above the zero line.
BNB’s MACD, with a value 35.5, showed that coin sales were outpaced by the buying pressure.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
