BNB elevated its month-to-month market cap by 6.2% to face out as the one large-cap to complete within the inexperienced throughout the first purple October since 2018. The overall crypto market cap fell 6.1% throughout a unstable October, which additionally noticed BTC’s market cap drop 4%, ADA’s worth lower by 24%, and SOL shed 12.7%.
Binance Analysis has launched a report discussing the month-to-month developments within the crypto market in October. The report acknowledged that October was a unstable month throughout crypto markets, with main property experiencing sharp corrections or selective resilience.
It additionally implied that the downturn in “Crimson October” was partly because of the October 10 occasion, which worn out over $19 billion in positions. Broader macroeconomic components additionally weighed on sentiment.
Nevertheless, Binance Analysis noticed that regardless of the correction, the Binance token’s October rally was fueled by robust ecosystem progress. The launch of Polymarket and Myriad prediction markets, together with the rollout of Ondo Finance’s tokenized shares and ETFs on BNB Chain, supported this progress.
BNB Chain leads DeFi progress
Supply: Binance Analysis DeFi TVL share of high blockchains.
Regardless of the October downturn, BNB Chain led the expansion of DeFi ecosystems, adopted by Solana and Arbitrum. Nevertheless, Ethereum and Tron posted slight drops. DeFi TVL (whole worth locked) additionally plummeted 4.85% MoM, as DeFi liquidity pulled out on market corrections.
In the meantime, stablecoin exercise surged as traders sought security. The overall stablecoin market cap rose 3.54% as USDT continued to extend its lead over USDC.
In October, JPYC (pegged on Japanese Yen) and EUROD (backed by the Euro) had been launched to the BNB Chain. The 2 expanded the vary of stablecoins tied to main currencies past the U.S. greenback, enhancing the effectivity of cross-border cost. Binance Analysis noticed that BNB Chain transactions spiked 135%.
In the meantime, the spike was pushed primarily by a memecoin frenzy that boosted token costs and attracted new merchants. The memecoin pleasure peaked in early October with over 100,000 new merchants leaping into memecoins in a single day (October 7).
Almost 70% of those newcomers ended up in revenue, in response to the report. Roughly 40 people earned over $1 million, and one other 6,000 obtained $10,000 or extra in compensation. Nevertheless, many of those memecoins crashed by October 8 and 9.
Binance token breaks $1,300
The report acknowledged that exercise on the BNB Chain not solely boosted transactions but additionally propelled the Binance token to surpass $1,300 on October 13. Binance Analysis noticed that even with the pullback, BNB remained up 6.6% for the month, offering the chain’s resilience.
The rally additionally seems to have been fueled by rumors that Binance co-founder Changpeng Zhao (CZ) was returning to the corporate. CZ beforehand defined that political, technical, and regulatory components have fueled BNB’s rally.
In keeping with CZ, political shifts have beforehand supported the rise in BNB costs. He emphasised that the brand new U.S. administration has created a good atmosphere for crypto. The Binance token value additionally jumped as a result of rising hopes that President Donald Trump would grant CZ a full pardon.
In the meantime, MEXC introduced a report detailing the anticipated costs of BNB below totally different situations. Within the bull situation, BNB is anticipated to check the prior resistance of $1,300-$1,400 within the brief time period (Oct-Nov).
For the medium time period (This fall 2025), BNB costs are anticipated to vary between $1,500 and $1,800 if the macro atmosphere stays supportive. In the long run (by 2026), the value is anticipated to achieve $2,292.
Within the base case situation, assuming regular volatility and corrections, BNB costs within the brief time period are anticipated to stay consolidated between $1,000 and $1,250. For the medium time period, a gradual climb towards $1,500 is anticipated by the tip of 2025. Nevertheless, BNB is anticipated to take care of a conservative common value of $1,090 in the long run.
