Binance Coin (BNB) is the native coin of one of the largest cryptocurrency exchanges in the world Binance. It is currently the 10th largest digital currency in the world. It traded for $8.09 at the market capitalization of $1.14 billion. The primary purpose of BNB is that of a utility coin- it could be used to pay fees on Binance exchange. However, it is also being used as an investment and a payments solution.
Binance Coin Price Movement
Binance Coin is about 2 years old. During the crypto mania of January 2018, the coin reached its all-time high valuation of $24.46 at the market cap of $2.42 billion. As the volume of Binance was high during the time, BNB was also in high demand, leading to a rise in prices. However, soon after, the prices fell. Unlike other coins, BNB had an established utility within an active ecosystem because of which the coin continued to gain momentum till the middle of 2018. It has seen several ups and downs since then but doesn’t have a steep downward curve like others. In fact, recent market trends show an upward movement.
The transaction volume of BNB has also been moving sideways and has touched $20 million twice in the past 10 days. The total transaction count has also increased since the beginning of January, moving from 292 on January 1 to 2.764k on January 28. Since then, it has experienced a drop.
What Works for Binance Coin?
BNB is built on the Ethereum blockchain and is being actively used by people on the Binance ecosystem. The exchange offers discounts to users for paying their transaction fee with BNB which means that is and will certainly always be a market for BNB. Given that Binance is one of the most popular digital currency exchanges in the world, BNB can continue enjoying its status on the network. Binance is also working on making it work outside its ecosystem, which could prove to be a boon to the token.
Binance Coin Price Prediction
BNB is one of the rare coins that could experience a rise in valuation this year. According to estimates, BNB could easily propel into double-digits at the beginning of March this year. It could continue to march upwards, going all the way up to $11.895 by the end of the month. By June, the coin could be trading at over $16. So, if you buy today, you could expect a 2x results in a few months.
The price could fall in August, but it seems likely that the coin will end the year in the bull-zone, trading at $10.014. The price could even go up to $18 by the middle of 2020 before reaching $12.923. In 2021, the price could shoot up to $21 before ending the year at $15.567.
Overall, Binance Coin is a good investment for both the short and long term. Price volatility will continue throughout the year, and the overall movement will be bullish. Buying BNB today will be a good decision for good gains.
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