Nicolas Merten And Ben Armstrong Are Very Bullish On Binance Coin
Popular analyst and trader Nicholas Merten is unveiling the key reason that’s powering Binance Coin’s current parabolic ascent en route to becoming the third-largest crypto asset. Widely-followed crypto trader and analyst Ben Armstrong, says he’s heavily accumulating Binance Coin as it continues to show signs of strength.
In a new video, Merten tells his 428,000 subscribers that the recent delay in the deployment of Optimism, an update for Ethereum to make it faster and more cost-efficient, as the primary reason why perhaps some traders may have temporarily migrated to Binance Smart Chain (BSC) to trade altcoins, pushing up the price of BNB.ADVERTISEMENT
“Ethereum needs to move much much quicker on layer 2 if it wants to wear that crown that it thinks it already owns of being the major layer one protocol and it’s going to capture that next wave of users coming down the pipeline. Because they certainly haven’t solidified it. Binance Smart Chain is proof of that. And they showed just how easy it is to disrupt this chain, to find one value proposition that Ethereum doesn’t have right now and find something that someone is willing to sacrifice which is absolute complete decentralization.”
While as of now, BSC and Ethereum appear to be in competition with each other, Merten posits that in the end, the two chains may actually coexist and complement each other.
“Could it be that both chains exist? Could it be that BNB almost services as a layer 2 on top of Ethereum? Some people argued against that. They say that other layer 1s can’t be layer 2s. They’re not even comparable here. I think that that’s quite biased.
There’s xDAI and a variety of other blockchain solutions and layer 2 solutions that are working right now that have about the same either centralized or relatively centralized components as does BNB and Binance Smart Chain. Could it be that Binance Smart Chain just found itself a spot as a potential layer 2?”
Ben Armstrong Is Buying $100,000 Worth of BNB
In a new video, Armstrong tells his 795,000 YouTube subscribers that he’s buying at least $100,000 worth of Binance Coin (BNB).
“I will tell you that I have been buying the **** out of some Binance Coin lately. It’s the one major coin outside of XRP that I wasn’t holding. I have changed that… I think we now have six figures in Binance Coin.”
In addition to Binance Coin, Armstrong reveals that he’s building positions in four other crypto assets.
“Polkadot (DOT) is another one we’re going to be adding some more, too. I bought some Solana (SOL) last night. I bought some Elrond (EGLD) last night. Harmony (ONE) is next on my list to buy.”
The trader is also keeping a close watch on Ethereum, which he says is gearing up for a massive breakout as it continues to flash signs of bullishness.
“Ethereum right now is looking very strong and even when Bitcoin drops. This is when you know Ethereum is gearing up for big moves. Bitcoin has dropped and Ethereum has not really been flinching. It’s been staying above $2,100… It’s looking like the network effects of Ethereum are bearing out.”
At time of writing, Ethereum is trading at $2,393, up over 10.71% in the last 24 hours, according to CoinMarketCap.
