The collapse of FTX has wrought havoc in the crypto markets, with prices across the board having suffered and there seeming to be little chance of recovery in the short term. The BNB price, however, appears to have been holding up relatively well.

The collapse of the second largest exchange, FTX, means that the largest exchange, Binance, has now extended their position as one of the few surviving exchanges alongside Coinbase and Kraken.

Although it is almost impossible for the price of BNB to 4x by 2023, there is a likelihood that the price can continue to outperform other large caps going in the coming months and years.

Binance now dominates the crypto industry

There are a few major companies left standing in the crypto industry, and Binance is the largest of the behemoths.

Fortunately, they have been able to withstand many of the problems that have plagued other companies thanks to their decisions not to take on obscene amounts of leverage, and not to conflate customer funds with their own.

BNB is fast and cheap to use

BNB an EVM compatible blockchain that has taken a large market share from ETH thanks to the fact that it is fast, cheap and easy to use.

The integration with Binance means that BNB is well-promoted and has become one of the largest cryptocurrencies in the entire space.

Initially, the main use case of BNB was to offer discounts on trading fees for holders that were trading on Binance, but since the advent of Binance Smart Chain it has opened the door to one of the largest ecosystems in crypto.

Although there have been some concerns in the past about the centralisation of Binance Smart Chain, the crypto bear market has demonstrated that pretty much every project other than Bitcoin isn’t decentralised, so this really ought not be much an obstacle for BNB moving forward.

Binance is now publishing proof of reserves

A range of exchanges have recognised now that the current state of the markets requires more transparency.

After the US midterms, many of the pro-crypto Republicans that many were hoping would have done well didn’t do so well, which has ushered in a high degree of uncertainty in the markets.

Binance, Kraken, KuCoin, and many other exchanges have now announced that they are to be to publishing their proof of reserves, to demonstrate that they do have as much as they claim to. Such a system makes it much harder for exchanges to indulge in fractional reserve practices, and ensures that there is less room for nefarious actors in the space.

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