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Is BNB a good buy?

Most cryptocurrencies are known to be volatile, and so people fear trading in them. However, the crypto market has been a constant attraction to traders, individual investors, and institutional investors for quite some time and, more importantly, so in the pandemic scenario. The credit must be given to the hyped expectations from fiat currencies that could not stand the test of time.

On the contrary, showcasing tremendous middle to long-term gains, cryptocurrencies have demonstrated a notably appreciable price movement. Let us analyze the current details of Binance Coin and understand the Binance Coin price prediction for the future.

Binance Coin Overview

Cryptocurrency Binance Coin
Ticker Symbol BNB
Price $288.40
Price Change 24h +3.32%
Price Change 7d +3.69%
Market cap $46,529,749,648
Circulating Supply 161,337,261.09 BNB
Trading Volume $967,988,134
All time high $690.93
All time low $0.09611
Binance Coin ROI +250524.21%

History of Binance Coin (BNB)

Individually listed on the Binance exchange platform, the Binance Coin is the digital asset trading with the BNB symbol. Established in 2017 and backed by the scientific algorithm and robust technology called blockchain, BNB runs on Ethereum and currently runs on ERC-20 Ethereum. The entire ecosystem is designed in a way that it can support a variety of utilities like trading fees, exchanges fees, listing fees, etc.

Apart from hosting its native coin, it offers Binance Chain, Binance Smart Chain (BSC), Binance Academy, Trust Wallet, Binance Research, and much more. The introduction of the Binance Smart Chain has positively impacted the Binance Coin price. The Binance coin (BNB) also acts as a utility token to pay transaction fees. Today Binance holds direct competition with many other crypto exchanges.

The primary objective with which the Founder of Binance Exchange, Changpeng Zhao, and Co-Founder Roger Wang started this initiative was to eliminate various problems related to trading that were present in the cryptocurrency market. The founders strategically implemented the far-sighted vision for Binance Coin, and today Binance competes with several other cryptocurrency exchanges. Based on market conditions and internal risk management, Binance Loans offers a range of options for supported crypto assets.

Binance Coin Adoption and Technology

Numerous factors make Binance popular, and the most important is that it holds 1 billion trading volumes on a round a clock basis. The future of Binance seems to hold lucrative possibilities. BNB will be burnt in a systematic phase-wise process to bring stability and avoid sudden market fluctuations.

With BNB skyrocketing to its potential, its initial coin offering (ICO) of 100 million met with roaring success in July 2017 and raised $15 million. The funds raised further augment the ecosystem, allocating a significant chunk for marketing initiatives. This enterprising venture for start-ups provides them an opportunity to get listed on this elevated pedestal.

Another feature that makes BNB unique and a cynosure for mass adoption is the advantage of inter-tradability for other digital assets. BNB can be used to pay Binance’s 0.1% per trade fee in addition to its withdrawal fee, which is charged when users move their cryptocurrencies from the exchange to a private wallet.

The model of Binance is so formed that it does not support smart contracts and uses the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism wherein multiple nodes like Validator nodes, Witness notes, accelerator nodes and other types all together help in transactions, validation, and authentication processes at various stages.

Another major benefit of Binance Coin is that it can be used in other specific ICO investments via Binance’s Launchpad program. Binance creates an impeccable opportunistic framework wherein other virtual tokens can also be traded. A variety of credit and debit cards are also supported on the Binance platform, digital currency, and mobile app.

Binance Coin Price History

Price dynamics of Binance Coin (BNB) can be better studied under Crypto Volatility Index (CVIX) and even reflect on the crucial factors affecting the price currently and for the future. CVIX prudently envisions the algorithmic mechanism to demonstrate the market sentiment of BNB, be it positive or negative.

The year 2019 proved phenomenally positive for Binance Coin. Although the coin’s price growth slowed a bit in the second half of the year, it picked up a great push due to the IEO, which launched in 2019 year-end with over 150% gains. The price of Binance Coin went downward only due to the pandemic and thus remained negative for a longer period.

In 2020, the Binance Coin price marked a gradual price rise over time and hit the $40 price mark. After that, from the beginning of 2021, Binance Coin registered tremendous growth and hit a new all-time high of $690 on May 10, 2021. However, after hitting an ATH, the BNB coin faced a steep correction.

After the token reached its ATH, followed by the subsequent profit booking, it tried to reach the ATH but could not cross the $654.32 mark. After that, there has been a downward momentum with in-between price pick-ups.

Binance Coin (BNB) Technical Analysis

Stability is part and parcel of BNB since it operates on Ethereum Blockchain. The Binance Coin price has tripled in value in the past few months, trading as the hottest asset. People have high hopes for the token, and the Binance Coin (BNB) price has even marked a plunge in the last few hours. The BNB price was corrected to $310.45, and the market capitalization of the Binance Coin is $46,652,511,533.

Binance launched the Binance Smart Chain ecosystem in April 2019, with Binance DEX as the main service. The DPoS controls the BNB blockchain with a consensus of 11 nodes reaching “decentralization” through pBFT. It even launched the BNB ERC-20 Mainnet Swap in 2019.

The recent market-wide price crash also affects Binance Coin, and the upcoming news of alliances and partnerships for Binance will pick up its momentum in the near term. Based on the recent announcements, the launch of the world’s most popular curated NFT marketplaces, and much more, the overall Binance ecosystem marked tremendous growth. This year, BNB will strengthen its NFT ecosystem by integrating with essential collaborations and welcoming more users to the ever-expanding metaverse.

The aforesaid changes might get a kick in the Binance price by bulls to take it to $500 by the end of the next year. Investors may also get the benefit of a discount on their trading using Binance to pay for exchange fees.

As per our technical analysis for resistance level and support level, the values for the first resistance level and support levels are $304.4 and $183.1, respectively. The coin’s current price is around $289.13, and the Binance Coin price forecast anticipates a long-term bull run, making the token a profitable investment option.

Binance Coin Price Chart

Binance Coin Price Chart

BNB Price Forecast: 2022-2030

Price predictions of cryptocurrencies are a herculean task, given the volatility of their nature. The pandemic has done no justice either. However, Binance Coin seems to have survived the storm, and the cryptocurrency market is now looking optimistic, with a brighter future ahead for this token as per market predictions.

BNB Coin Price Prediction

Going by the historic price movement and combining the governing factors, Binance will have a good price development in the forthcoming years.