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- BNB still has a substantially higher number of daily transactions than Bitcoin.
- However, BTC dominated BNB socially last week.
BNB chain [BNB] has managed to maintain the second place on the list of cryptos based on daily active addresses for quite some time. However, the picture can change quickly Bitcoins [BTC] The statistics were quickly moving closer to those of BNB. Taking the latest data into account, BTC may have already overtaken BNB on that front. Was this the result of a decline in BNB’s network activity, or was there something else at play?
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BNB Chain and Bitcoin compete well
Coin98’s latest tweet revealed the top cryptos based on daily active addresses. According to the tweet, Tron [TRX] remained the largest blockchain, followed by Bitcoin and BNB. However, the difference between the two was marginal, as BNB had 970,000 active addresses at the time BTC had 1 million.
#Tron, #Bitcoin And #BNBChain maintain their positions in the top 3, with Tron leading the way with an impressive daily active user base of 1.23 million pic.twitter.com/neC8g9rk48
— Coin98 Analytics (@Coin98Analytics) September 10, 2023
A look at Artemis data suggested that BNB Chain has been witnessing a decline in network activity for months. Not only the active addresses, but also the daily transactions of the blockchain have decreased over the past three months.
Source: Artemis
A closer look at the charts of BNB and BTC revealed that while BNB’s active addresses fell, BTC’s metrics rose, allowing the king of cryptos to overtake BNB. However, it should be noted that BNB was still ahead BTC in terms of daily transactions with a huge margin.
Interestingly, BTC recently witnessed a sudden upward trend in its recorded value. Bitcoin transaction fees have increased significantly in recent days. While BTC fees rose, BNB‘s card moved the other way.
Source: Artemis
How are BNB and BTC doing?
Although both cryptos competed well with each other in terms of network activity, their price action remained sluggish. Bitcoin continued to trade below $26,000 as its price fell less than 1% over the past seven days.
BNBThe company’s share price also moved marginally in recent days. At the time of writing, BTC was trade at $25,808.29, while BNB was valued at $211.59.
Read Bitcoins [BTC] Price prediction 2023-24
Although the price action of both coins was not volatile, their 24-hour trading volume increased by double digits, reflecting investors’ willingness to trade them.
Nevertheless, Bitcoin managed to outperform BNB on the social front. This was evident from Santiment’s chart, which indicated that BTC’s social volume was higher than that of BNB Chain.
Source: Santiment