Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Binance Coin has created a cryptocurrency called BNB (Binance Currency). Initially, it was issued on Ethereum’s ERC-20 blockchain. It has since been migrated onto its own mainnet. BNB can be used on Binance as a utility token, which allows users to pay trading fees and other platform-specific service charges. It can also be used as collateral for Binance’s decentralized exchange (DEX).
BNB’s price has risen by more than 6 percent since the beginning of the week. However, this price hike does not make up for the value lost during 2022’s crypto winter. The token dropped more than 52%, from $511 at the beginning of 2022 to $245 by 31 December. The popularity of Binance has had a considerable impact on the performance of BNB’s price.
Check out the Binance Coin Price Prediction [BNB] 2023-24
BNB’s price was stable in the beginning and experienced steady, gradual growth. BNB’s price has fluctuated significantly over the last year.
In late 2020, BNB’s price experienced a significant bull run, reaching an all-time high. This was partly due to the strong demand for BNB utility tokens on Binance.
Although the price of BNB has fallen slightly since then, it remains a popular investment asset. BNB’s performance has been excellent compared to other cryptocurrencies over the past year. Its price has remained relatively stable even in market downturns.
One reason for BNB’s relatively strong performance may be its strong fundamentals. Binance is a respected and well-established exchange and BNB is an integral part of its ecosystem. BNB is supported by many high-profile partnerships, collaborations, and this adds to its credibility.
The exploit on BNB chain is now available Ankr protocol on 1 December sent BNB’s price down by almost 5% within a matter of hours. In terms of price action, the bulls attempted on 5/12 to break the $300 key resistance zone. The bulls held firm. As a support zone, $281 was created.
BNB’s involvement in hacking of the bankrupt crypto-exchange FTX has brought BNB to the forefront. Although the perpetrator exchanged thousands of BNB tokens in exchange for other cryptos, he is still a criminal. holds BNB is worth an estimated $41 Million
The immense volatility in BNB prompted some strategic decisions from Binance CEO Changpeng Zhao, one of them being the top-up of the exchange’s Safe Asset Funds for Users or SAFU. The exchange announced It will replenish the insurance fund and bring its holdings to $1Billion
As a result, June 2022 saw a low of $183 per annum. It is important to remember that the RSI indicator on the daily chart has not yet risen above 50.
If the current trend continues then $427 will be the closest long-term resistance.
Binance Coin saw a surge in cryptocurrency markets in January 2021. It rose from $40-$330 in one month to join the trend. BNB’s price dropped in March, trading for a while in the $250 to $300 region, but in April it started to rise again quickly, reaching an all-time high of $690.93 on May 10.
Consider this – In January 2021, the price of Binance Coin (BNB) was $40. However, 2021 also saw a significant incline in BNB’s price, one that allowed it to hit $690 on the price charts. This was actually its highest price in 2021.
It is worth noting that the market fell across the board in the last few months of 2021. Needless to say, the same had a ripple effect on BNB’s price charts as well, with the exchange token hitting new lows.
Binance Coin (BNB), which rose slowly and subtly to become one of the most valued cryptocurrencies according to market cap, was in the past. Binance, the largest cryptocurrency trading platform, has seen its value rise dramatically in recent years.
Binance Coin (BNB), which has suffered more severe losses in recent months due to the bear market, has seen its value drop by over $690. BNB’s May 2021 bull run saw it surpass its record $690. But, the bear market quickly began in November and the stock price plummeted.
Binance reimburses customers for a significant portion of transaction expenses when they use the BNB. The platform has seen BNB grow in importance over the years. The demand for Binance Coin rises as Binance expands and gains more users, which boosts the coin’s price and forecast.
Binance ensures that BNB supply is regularly lowered when demand rises. A specific amount of BNB is depleted every three months. This makes Binance Coin deflationary, and improves the prospects for BNB in the future.
BNB is also used to pay and offers more options on Binance. These include savings, DeFi staking and liquidity mining through the BNB vault.
It was first used as an ERC-20 token on the Ethereum network (ETH), before being moved to Binance to change its name to BEP-20.
Binance was able to efficiently manage the Ethereum Merge for its users as it has occurred.
Binance Coin was originally created in 2017 to be a utility token that could be used for trading fees discounts. However, today, it is used on many cryptocurrency exchanges. BNB can be used for transaction fees on Binance platforms like Binance.com, BinanceDEX and Binance Chain. Hotel booking sites (e.g. TravelbyBit, SAAS platform (e.g. Canva, DeFi apps (Moeda), and many other platforms accept BNB payment.
BNB’s price has fallen as a result of the cryptocurrency market’s sharp bearish shift. You could also argue that the SEC’s issues Binance had a major impact on the cost of altcoin. However, the expectations are high.
Finder.com surveyed Recent surveys by 54 people showed that the coin is promising for long-term growth. The crypto’s price is expected to hit $781 in 2023. BNB, despite not being as well-known, consistently ranks amongst the most profitable currencies in terms of return on investment. It is also the 5th-largest cryptocurrency in the world.
Binance Coin saw a surge in cryptocurrency markets in January 2021. It rose from $40-$330 in one month to join the trend. BNB’s price dropped in March, trading for a while in the $250 to $300 region, but in April it started to rise again quickly, reaching an all-time high of $690.93 on May 10.
Binance Coin’s price fell as the entire cryptocurrency market collapsed in late May 2021. The price was about $200. It recovered, and it rose to $430. But this rebound was short-lived. BNB dropped to $250 in June, and then fell again in July. However, the market began to show signs of recovery later that month, and Binance Coin wasn’t an exception. BNB’s price increased dramatically once more, surpassing $350 in the first half of August.
However, like most cryptos in the market, 2022 wasn’t a good year for the exchange token, with BNB falling on the charts.
BNB purchase must be wise in the long-term, considering all of this. BNB is predicted to be a good investment. The majority of long-term BNB prices projections are positive.
These projections have a purpose.
BNB is a cryptocurrency that is native to the world’s biggest cryptocurrency exchange. It is crucial for the Binance Smart Chain ecosystem. The latter, in fact, is one of Ethereum’s competitors, and it offers substantially higher scalability and lower transaction costs.
BNB’s price has also been affected by the steady rise in Binance traders. This altcoin has seen an increase in price, going from $526.94 on October 2021 up to $555.34 at January 2022. As Binance becomes a leader in cryptocurrency trading, it is expected that the market will continue to grow.
BNB was used for Decentralized Applications (DApps), Smart Contracts, and other smart contracts. This is partly why its value has reached a high level. BSC has 44 projects and is currently the second largest DeFi platform. Between 2017 and 2021, Binance Coin’s value has risen by 620,000%.
The exchange has been able to maintain a burning program since the coin’s introduction is just another reason to trust BNB. On April 15, 2021, Binance burned more than 1,099,888 BNB, equal to $595,314,380 worth of tokens. This is Binance’s 15th quarterly BNB burn, and in terms of cash, it was the biggest one yet.
In this article, we’ll quickly review the current activity of the cryptocurrency with a focus on market cap and volume. In conclusion, predictions from the most well-known analysts and platforms will be summarized together with an analysis of the Fear & Greed Index to determine market mood.
BNB’s price, volume, and everything in between
BNB traded at around $260 as of the writing date.
Source: TradingView
As the number of tokens rises, experts and investors have become more bullish. Ben Ritchie (Managing Director of Digital Capital Management) is optimistic about BNB. He predicts that the crypto will be worth $300 by the end of 2018. Ritchie also admitted that the viability of Binance’s exchange will determine the destiny of BNB. He continued by stating that the asset could be deflationary.
“The price of BNB also follows the demand and supply. BNB included a burn mechanism into every transaction fee, and it conducted quarterly burns. It is a deflationary investment. Since the BNB chain ecosystem continues to grow, the price may reach as high as $3,000 in 2030.”
The price of Binance Coin was lower than the 200-day moving average (SMA) at the time this article was written. Since January 20, 2022, the 200 day SMA has been indicating SELL over the past 212 days. Since 16 July 2022, when Binance Coin’s price fell below the 50-day SMA, this indicator has been indicating a SELL signal for the last 55 days.
Three weeks ago, on February 3, 2022, the Bitcoin market witnessed its most recent Death Cross. This was 197 days earlier. A Golden Cross hasn’t happened in 353 days since 31 August 2021. Technical indicators predict that Binance Coin’s 200-day SMA will decline over the coming month and hit $ 327.19 by 19 September 2022. By 19 September 2022, Binance Coin’s 50-Day SMA is anticipated to reach a value of $327.18.
At the time this article was written, the contrary view was held by TradingView, with the platform flashing a “Buy” signal for BNB.
Source: TradingView
Let’s now look at what well-known platforms and analysts have to say about where they believe BNB will be in 2025 and 2030.
BNB Coin Prediction 2025
Changelly is optimistic about Binance Coin’s future. It predicts that the lowest BNB prices in 2025 will reach $1,122.96 and the highest will reach $1,270.31.
Joseph Raczynski is a futurist, technologist, and futurist. He too believes in bullishness. Binance is his top choice worldwide, he believes. He stated,
“While BNB is not decentralized, it still can serve a purpose for fast and cheap transactions. This comes at a price. Binance could change parameters on the token without consensus and they are far more likely to be a single point of failure.”
CoinDCX, a crypto-exchange predicts that 2025 will be positive if the past year was bullish. The price could regain its $2000 position and maintain strong gains. Therefore, it is possible to try and reach $2500 by the year 2025.
Is there any reason not to root for BNB with all these positive forecasts? Keep in mind that 2025 will be more than three decades away, and Binance is busy with the SEC. Binance is being pursued by the SEC, who accuse it of issuing BNB unregistered securities.
Despite this, the market is optimistic. Walker Holmes, Co-founder and Vice President at MetaTope, doesn’t believe the SEC will have a significant impact on the future of BNB. He said,
“We have seen this play out with XRP, ETH, and others. CZ can make a compelling case. I believe this is a question about potential monetary sanctions. However, at the time of writing, I do not think Binance is at major risk of being taken down.”
BNB Coin Price Prediction 2030
John Stefanidis is the CEO of Balthazar. expressed A study showed great optimism regarding BNB. According to him, a BNB worth $3,000 by 2030 is feasible. BNB is well-positioned to achieve long-term success due to its cutting-edge technology as well as the adherence of international rules. He also emphasized that Binance’s great UX, a strong venture team, and a great brand are all factors in BNB’s success.
BNB is cheaper for investors but Desmond Marshall, Director of Rouge Ventures, and Rouge International thinks Binance Coin could surpass Ethereum. He claims that the best thing for the cryptocurrency’s performance is to implement the limits. Future growth will also depend on the level of trust the neighborhood has in BNB.
These predictions are all positive but we need to be careful. It is important to consider the current state of the crypto-industry as we are looking at 8 years in the future. Prices of Bitcoin and BNB are currently closely correlated. BNB can be easily burned on Binance. This reduces the amount of tokens that are in circulation and may increase the coin’s value.
Technological advancements will have a significant impact on BNB’s profitability. Binance is planning to invest in cutting-edge technology to improve the functionality of its blockchain.
Conclusion
However, BNB coin predictions are not always positive. In light of the coin’s volatility and the fact that it “primarily follows the price gyrations of Bitcoin and has no real-world use,” John Hawkins, a senior lecturer at the University of Canberra, has predicted that BNB’s price will fall to $180 by the end of 2022.
It’s critical to bear in mind that cryptocurrency markets are incredibly unpredictable, making it challenging to provide long-term projections. However, it is important to note that the F&G Index As of press time, he was in extreme fear. Therefore, there may not be better times ahead.
Source: Alternative.me