BNB crypto back to US$300: Why is it rising?

Highlights

• BNB crypto, which is linked to Binance and BNB Chain, is up more than 6% in the past 24 hours
• It has fared better than Bitcoin and Ether in 2022, however, BNB’s losses are still very high
• BNB Chain has its focus on Web 3.0, the version of the internet that aims to decentralise the web

Major cryptocurrencies, led by Bitcoin and including Ethereum and BNB, do not usually gain or lose as sharply as other altcoins. These are rarely the top gainers or losers during any particular time frame. Over the past few weeks, major cryptos Bitcoin and Ether (ETH) were hotly traded, which led to a steep rise and fall in their prices.

For Ether, it is the upcoming ‘merge’ -- where the blockchain is expected to shift to the proof-of-stake model -- which is apparently favouring the price movement. But it is BNB -- one of the top five cryptocurrencies by market cap, and top three when stablecoins USDT and USDC are not counted, which has shone better results over the past 24 hours.

Let us explore what is supporting BNB crypto’s price at the moment.

BNB and Web 3.0

Last week, BNB Chain made a big announcement with respect to its Web 3.0 services. It was stated that BNB Chain would partner with a Latin American educational company Platzi to enable learning in the field of Web 3.0.

The two would develop a course for Platzi scholars to be made accessible via Platzi’s online services. It was also said by BNB Chain that it aims to reach 30,000 learners by this year’s end. The course will be made available in the Spanish language, with support for learning Web 3.0 development using the BNB Chain ecosystem. Separately, it was announced that during the Platzi Conf 2022, an annual event, BNB Chain, would provide 200 scholarships to learners for the BNB Chain Development Course.

BNB token

BNB is the token that is used within the BNB Chain network for the payment of transaction fees. Notably, the ecosystem also has the Binance exchange, which is one of the most popular crypto exchanges in the world. BNB Chain allows developers to build and deploy Web 3.0 products like games. Non-fungible tokens (NFTs), which are often a part of Web 3.0 apps, can also be minted using BNB Chain.

Also read: 3 popular NFT launches of 2022 & how they have fared

BNB price

BNB crypto is up more than 6% as of writing with its price having reclaimed the US$300 level. It is trading at nearly US$303 as of now, although the year-to-date (YTD) losses amount to over 40%. However, BNB has lost less than both Bitcoin and Ether in 2022.

Data provided by CoinMarketCap.com

Bottom line

BNB crypto is up at the moment and one of the causes behind this sharp rally could be its Web 3.0 course offering in Latin America. The partnership with Platzi might help BNB Chain to compete well with Ethereum’s blockchain, which is usually preferred by developers for Web 3.0-based gaming apps and NFT launches.

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