Binance Coin (BNB) price prediction
Most people who deal with cryptocurrencies have heard of Binance. Even though it was launched only 4 years ago, Binance is currently the largest cryptocurrency exchange, seeing a daily trading volume of over $60 billion. In addition, it became the first cryptocurrency exchange to issue its own cryptocurrency. This cryptocurrency is called Binance Coin (BNB). Let's explore the coin's fundamentals, conduct a technical analysis and look at BNB price predictions.
For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integrate than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography. - Changpeng Zhao, CEO of Binance.
Binance Coin's origin
The Binance cryptocurrency exchange got its name from two words - Binary and Finance. Its cryptocurrency, Binance Coin, was created by the Chinese programmer Changpeng Zhao, the CEO of the Binance cryptocurrency exchange. In July 2017, he announced an Initial Coin Offering (ICO) to create an exchange, and 100 million BNB tokens were distributed to investors. The ICO saw $15 million invested, which paid off pretty quickly: the exchange kept 40%, and another 10% was given to early investors.
Binance Coin was originally an ERC-20 token that operated on the Ethereum network. However, in April 2019, Binance launched its own blockchain, Binance Chain, and transferred BNB to it.
What is Binance Coin (BNB)?
Binance Coin (BNB) is the native cryptocurrency of the Binance crypto exchange and has several uses in the Binance ecosystem:
- Exchange users can use BNB to pay trading commissions with discounts.
- BNB is used to sell tokens during Initial Exchange Offerings (IEO), the exchange's initial sale of tokens. The Binance platform runs IEOs on Binance Launchpad, which hosts interesting new blockchain projects looking for investors.
- BNB is used for staking and receiving dividends with Binance Launchpool.
- Traders can trade BNB for many other cryptocurrencies; a great variety of trading pairs are available.
- Binance platform users can convert their 'cryptocurrency dust' into BNB. Cryptocurrency dust refers to trace amounts of cryptocurrencies with negligible monetary values that are too small to be sold on an exchange.
In addition, the growing popularity of Binance Coin has led to its functionality going beyond the Binance platform itself, and an increasingly growing number of businesses are accepting BNB as a payment method.
There's another feature of Binance Coin that's worth mentioning. BNB tokens are regularly 'burned', and the total issue of 200 million coins planned by the developers should eventually reach 100 million.
Binance Coin (BNB) price analysis
At the time of this writing, BNB ranked third among cryptocurrencies by market capitalisation at $98,315,383,609.
BNB price statistics (as of 06/05/21)
BNB current price
Circulating supply / Max supply
153,432,897 / 170,532,785
Daily trading volume
BNB Price History
When BNB first entered the crypto market in July 2017, its price was $0.1166. A few days after that, its price dropped to an all-time low, after which the price soared, reaching a local high of $ 2.688 on 23 August. A correction followed this. In mid-December, during the boom in the crypto market, the price broke through the resistance at the previous high and skyrocketed.
Binance Coin (BNB) price prediction 2018
On 12 January 2018, the BNB price reached a new high of $25.18. The ensuing strong correction pushed the price back to $5.52 on 6 February. After that, the price began to slowly rise to $17.48 in June. That was then replaced by an equally slow decline that continued until mid-August and stopped at $8.50. The price then fluctuated in a horizontal channel, gradually losing volatility. This continued until Bitcoin's crash in November 2018, after which BNB's price also collapsed to $4.12 in early December.
Binance Coin (BNB) Price Prediction 2019
BNB had a good start in 2019. The bullish trend that started in late December 2018 continued until 22 June, when the price reached a new all-time high of $39.59. The bearish trend that began after this continued until mid-December, with the price dropping to $12.11.
Binance Coin (BNB) Price Prediction 2020
In 2020, BNB started the year with its price doubling in a month and a half, reaching $27.19. After that, the coronavirus pandemic affected the market. Prices declined, culminating in a panic on the crypto market in mid-March. A bullish trend finally took shape and continued throughout the rest of the year. On 31 December 2020, BNB's price was $37.36.
BNB technical analysis
BNB has recently reached a new all-time high and is now undergoing a correction. It's difficult to say at this point how deep this correction will be. Despite the general continuation of the bullish trend, trading volumes have been steadily declining since reaching the local high on 19 February, which indicates a decline in buyer interest. In addition, we're seeing a rising wedge pattern on the daily chart, which also indicates a high likelihood of the price falling. A bearish RSI divergence also indicates a likely trend reversal.
The current all-time high of $680 is currently acting as a strong resistance level.
Binance Coin (BNB) price prediction for 2021, 2022, 2023, 2025, 2030
Now let's take a look at what some cryptocurrency experts have to say about Binance Coin's prospects.
Trading Beasts BNB price prediction for 2021, 2022, 2023, 2025, 2030
According to Trading Beasts' forecast, Binance Coin's price will begin to decline and, in early June, will be in the range of $430 to $630. After that, it will start to grow slowly, entering the range of $478 to $704 at the beginning of 2022. According to their estimates, the average expected price will only return to the current level in August 2022. By the end of 2024, they believe the price will be in the range of $846 to $1245.
WalletInvestor BNB Price Prediction for 2021, 2022, 2023, 2025, 2030
WalletInvestor is more optimistic about BNB's prospects and considers it a very good long-term (1 year or more) investment. According to their estimates, the price will reach $850 in a year and $1,770 in 5 years.
LongForecast BNB Price Prediction for 2021, 2022, 2023, 2025, 2030
LongForecast's outlook is even more optimistic. They predict that the price of BNB will rise to $2,360 by the end of the year. In 2022, their forecast predicts that the price will continue to rise until October when they expect it will peak at $3,740. After that, the price will begin to decline, falling to $1,890 in June 2023. This will be followed by growth again and, by the end of 2023, the price will reach $4,690.
DigitalCoinPrice BNB price prediction for 2021, 2022, 2023, 2025, 2030
DigitalCoinPrice agrees with the optimistic forecasts for BNB's price. They predict the coin's price will rise to $1,074.26 within a year. In subsequent years, they think the price will grow to $1,477.62 in 2023, $1,557.43 in 2024, $2,146.17 in 2025 and $2,529.13 in 2028.
Binance Coin (BNB) overall value predictions in the future
As the crypto market continues to evolve — it's just begun to gain widespread popularity — a large, actively developing crypto exchange like Binance, run by a strong team of professionals, has great growth potential. The constant expansion of BNB's functionality and the practice of regularly burning part of the coins have already brought Binance Coin to third place in terms of market capitalisation among all cryptocurrencies. But this is also BNB's disadvantage: if the Binance platform loses popularity for any reason, Binance Coin will inevitably lose at least part of its value.
Will Binance Coin go up?
Although this coin's value is highly dependent on the prospects of the Binance platform itself, the platform is currently developing and shows no signs of weakness. Coupled with the continued adoption of cryptocurrencies and the growth in cryptocurrency market volumes, this suggests that BNB has potential for further growth.
Binance Coin price prediction today
BNB's growth has weakened at the moment, and many indicators point to a high probability of a correction. At the same time, it's important to understand that notable positive news about the platform, as well as a new impetus to the growth of the crypto market as a whole, can cause Binance Coin's price to continue rising. In that case, it's entirely likely we'll see a new all-time high.
Welcome to StormGain — crypto trading platform!
Trade with 200× multiplier.