Title: Binance Coin Echoes Price Movement Seen In 2018 Bear Market
Jul 18, 2022 03:00AM ET
Binance Coin's daily transaction volume has dropped 58.2% since July 11.
Daily transaction volume for ETH and SOL has dropped 13.7% and 18.1%, respectively.
The price of BNB seems to be the most resilient in this bear market.
According to a report published by CoinMarketCap Alexandria, Binance Coin's daily transaction volume dropped 58.2% as of July 11.
Meanwhile, the daily transaction volume of its competitors, Solana and Ethereum, has dropped by only 18.1% and 13.7%, respectively.
The report also shows that the number of daily active addresses of the BNB and Eterium chains fell by 68.8% and 27.2%, respectively, while the number of daily active addresses of Solana increased by 20.4%.
Along with declining transaction volume, total fees generated by each of the blockchain networks per day have fallen off a cliff.
This has potentially reduced revenue for miners and validators, but has also lowered costs for the end user. All three platforms saw their daily network fees decrease by between 88.8% and 91.9 between November and July.
Looking at the change in the value of each platform's local token, BNB is the winner, having fallen from its peak value of US $653.22 to US $255.03, as seen at the time of writing-almost a 61% drop.
This largely reflects its performance during the 2018 bear market, when BNB outperformed almost all other top 100 assets to show its strength in a bear trend.
ETH dropped more than 70% during the same period, with its price falling to $1,427.60 at the time of writing.
SOL's negative price decline exceeded that of ETH and BNB, as its price fell by more than 80% during the same period. This can be attributed at least in part to the multiple network outages in recent months.