The BNB Smart Chain (BSC) network hit an all-time high of 3.62 million daily active addresses.
This level of on-chain activity coincided with the phase of greatest appreciation of that network’s native cryptocurrency, BNB, which reached $1,311.
The chart below shows a close correlation between the growth of active addresses on the BNB Chain network and the price of the crypto asset. It is clearly seen that, since mid-September, Both indicators have moved upwards almost in sync.
The price increase seems to have boosted the participation of new users and vice versa. A behavior that constitutes a virtuous circle and is linked to a feeling of FOMO (fear of being left out) in the market.
Currently, the price of BNB is around USD 1,066, pushed down by the decline of bitcoin (BTC), which fell below USD 105,000 this Friday, October 17, as reported by NoticiasVE.
The daily active addresses indicator is thus consolidated as a key reference to evaluate the health of the BSC network and anticipate the next BNB price movements. In that sense, for analysts at the CryptoOnchain firm, staying above 3 million active addresses «will be crucial for the continuation of the bullish trend.»