BNB, the native cryptocurrency of Binance, is currently trading at about $334 and has recorded a new three-month high.
There are many reasons behind this surge, and many people are predicting the future of the move. Some believe there will be a correction in the chart, while others believe the uptrend will continue.
Binance is the biggest cryptocurrency exchange in the world, with numerous partnerships and projects. The Binance smart chain is the home of many famous DeFi projects and has shown lots of promises amid some challenges.
BNB is one of the most reliable altcoins in the market, and many veteran traders hold it in the hope of profits in the long run. The recent uptrend move that started about a week ago has shown another promising situation for this altcoin.
Although Bitcoin and many other coins are sliding in these days, BNB has hit a new three-month high. Besides, we see a new ATH in BNB/BTC chart at about 0.016. Some believe the recent news about Binance partnering in the ownership of Twitter with Elon Musk may be the reason behind the jump.
There can be other reasons for this move, some of which are related to the Binance Smart Chain. The number of projects on this blockchain is increasing, and all of them need BNB as the first crypto for operation.
Binance recently announced a new product called Binance Oracle a couple of days ago. As part of the new service, off-chain data will be sourced, verified, and fed to smart contracts running on the BNB Chain, which will then process the data.
New product: #Binance Oracle – Enriching the #BNB Chain Ecosystem.https://t.co/31tVtxMSa9
— CZ Binance (@cz_binance) October 26, 2022
It is believed that the Oracles will provide the company with a more reliable, secure, and reliable source of data for smart contracts than they did before.
As a result of the launch of this new service, existing Web3 dApps and BNB Chain partners will be able to access Oracle data sources from their applications. As of now, the Binance Oracle network has been integrated with more than ten projects, the company confirmed.
The outlook for BNB and Binance is still bright. The price jumps, as well as partnerships and new projects, show that the company and the crypto that is linked to it can have good returns for investors. We should wait and see if BNB starts the new alt season in the market.
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