HomeCryptoAnalysis of Binance Coin, Kaspa, and Ethereum

Analysis of Binance Coin, Kaspa, and Ethereum

During this period there are some cryptocurrencies that are performing slightly differently compared to the overall crypto market: today we will analyze the price performance of BNB (Binance Coin), KAS (Kaspa) and ETH (Ethereum).

Analysis of the price of BNB (Binance Coin): comparison with Kaspa and Ethereum

BNB, also known as Binance Coin, is the native cryptocurrency of BSC (Binance Smart Chain).

Initially it was the token on Ethereum with which the Binance ICO was made in 2017, and only later it became the native cryptocurrency first of BNB chain and then also of BSC. 

It is a cryptocurrency to keep a close eye on, because behind it has the world’s largest crypto exchange. This also means that sometimes it moves in a slightly different way from all the others in the markets. 

For example, while BNB has recorded a remarkable +87% since the beginning of the year, BTC (Bitcoin) is currently at +56%.

Furthermore, another difference is that BTC has already set new all-time highs in 2024, while the highest price ever reached by BNB remains $690 in May 2021. Also, the fact that this peak was not recorded in November 2021, but in May, constitutes a clear difference compared to most other cryptocurrencies.

The current price of about $580 is still only 15% lower than the peak of May 2021, so it is possible that BNB will be able to set new all-time highs in 2024. 

The most surprising thing, however, is another. 

BNB is one of those cryptocurrencies that ended the bear market only in October 2023, while many others, including Bitcoin and Ethereum, ended it in January of the same year.

Indeed, just over five months ago its price was just over $200, in line with the bottom of 2022. 

Starting from the end of October, it began a rally that brought it to a remarkable +182% so far, reaching a peak at $645 last week. 

This is one of the biggest rallies in recent times among the major cryptocurrencies in the world. 

Moreover, the collapse in 2022 was also linked to doubts about the stability of Binance, and the continuation of the bear market in 2023 was due to the legal issues especially with US authorities.

With the resignation of co-founder Changpeng CZ Zhao as CEO and the appointment of the new CEO Richard Teng, a new course has begun that is already bearing fruit.

Analysis of the price of KAS (Kaspa)

A different story is the one concerning KAS, the native cryptocurrency of Kaspa. 

Kaspa is not a crypto exchange, but a Proof-of-Work blockchain with very high block speed and minimal confirmation times. 

KAS made its debut on the crypto markets in 2022, after the speculative bubble burst in 2021. 

For this reason KAS has reached record highs last month. 

It is a mid-cap cryptocurrency, as it currently has a market capitalization of just over $3.5 billion, but it has already shown a significant price performance. 

During the past year its price has gone from 5 thousandths of a dollar to 118 thousandths, with a 2,000% boom in just one year. 

It is worth noting that at the beginning of November 2023, its price was around 50 thousandths of a dollar, so since then it has more than doubled. 

During the bull run that started in November, it has already recorded three rallies. 

The first one occurred in November, bringing the price to about 150 thousandths of a dollar. It is worth noting that this is also the current price level. 

After a drop to 90 cents at the end of January, in February there was the second rally that brought the price up to almost 190 cents, reaching historical highs. 

There has been a retracement that ended just three days ago at 116 thousandths, but only to start a possible third rally, still ongoing, which has so far brought the price back above 150 thousandths. 

However, KAS’s history is still too short to allow for more in-depth analysis, and much will depend on how effectively Kaspa’s blockchain is actually used.

For example, in the last 24 hours the total volume of all on-chain transactions of Kaspa was about 133 million dollars, compared to over 24 billion dollars of Bitcoin and 1.7 billion dollars of Litecoin, to mention the main PoW blockchains in the world.

Analysis of the price of ETH (Ethereum)

Who seems to have fallen slightly behind is ETH, the native cryptocurrency of Ethereum. 

At this moment its price is still down by -28% from the highs of November 2021, and its growth in 2024 has been lower than that of Bitcoin. 

Usually, on the other hand, ETH loses more than BTC during bear markets – as happened also in 2022 – but then gains more during bull runs. The hypothesis is that the real big rally of ETH may still have to start. 

It is worth noting that the bottom of the last bear market for ETH was around $1,000 in June 2022, because in September of that year there was the transition to Proof-of-Stake, and therefore a rise before the failure of FTX prevented the price from dropping below $1,100 in November of the same year. 

The current price is about 3.5 times higher than the 2022 bottom, while that of BTC is four times higher. 

Furthermore, while in 2022 the price of Bitcoin lost 75% from its previous all-time highs, Ethereum approached an 80% loss.

So as usual the price of ETH has lost more than that of BTC during the bear market, despite the switch to PoS, but this time it has not yet recovered more than BTC during the ongoing bull run.

However, already in 2021 until mid-April it was BTC that outperformed everyone, and only between late April and early May did Ethereum and altcoins perform better.

It should be noted, however, that compared to the $1,500 of mid-October 2023, the current price of ETH is 120% higher, so even Ethereum is in a full bull run. The difference is that it is still a bull run slightly smaller in size than that of Bitcoin. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".