Binance Coin (BNB) Overview
Binance coin is still quite new in the cryptocurrency world as it was founded four years ago. This was through an initial coin offering (ICO) in June 26th to July 3rd, 2017. Investors used BNB to pay the transaction fees using the new exchange. However, BNB initially was an ERC-20 token on the Ethereum blockchain.
After gaining its bearing in the cryptocurrency space, it had to create a public blockchain on April 23rd 2019. It then migrated to its blockchain; Binance blockchain. When it was releasing BNB, it had a total supply of 200 million tokens.
Binance Coin Price Prediction
It is a common trait for cryptocurrencies to be volatile thus most investors are usually apprehensive whenever they want to trade in them. Despite factors such as volatility, most users- individual investors and institutional investors- still have the desire to trade in fiat currencies.
Fiat currencies have and are still managing to withstand the test of time. They showcase long-term and promising goals to investors through the appreciation of price movement.
2019 was a good year for Binance coin as it saw plenty of positivity in terms of performance. As the year was elapsing, it had made over 150% gains and unfortunately, its price went down drastically due to the pandemic.
In the year 2021, Binance was able to surpass majority of the cryptocurrencies, thus emerging top three after Bitcoin and Ethereum. Its price tripled in value in 2021 pushing its coin capitalisation to $102,280,861,968.
At the end 2021, Binance has seen a gain of 13,200% against cryptocurrencies such as BTC and ETH. Ethereum had 4, 100% while Bitcoin had 65%. If you want to study the price dynamics of Binance, it is best to do it under Crypto Volatility Index and take a peak on some of the important factors that affect its price and performance currently and in the future.
Binance Coin Price Prediction 2022
Even though cryptocurrencies usually have a volatile nature and Binance coin is no exception, investors are looking at an optimistic future if they choose to continue trading with Binance Coin. It has a good price development which predicts a brighter future ahead.
In 2022, Binance Coin should attain at least $850 at the end of the year. Its expected high price is $930 while its expected low price is $790. Additionally, for BNB to be successful in future, the coin heavily relies on Binance Exchange platform. If all goes well, Binance will surpass its expected $930 at the end of 2022.
Is Binance a Good Investment?
It can be quite challenging when you need to make an evaluation of crypto assets in terms of quality when you are identifying an investment opportunity. However, when using crypto coins such as Bitcoin and Ethereum, it becomes easier to evaluate their values during decentralization.
For instance, Bitcoin has been able to survive 11 years of challenges and success thus making it gain higher geographical nodes and miners. Bitcoin uses a free and open market which determines its price.
On the other hand, Ethereum possess half the number of geographically distributed nodes and miners. It also initiates the use of the PoA model which grants Binance exchange full control.
Binance is a better alternative if you are looking to invest in a major cryptocurrency other than Bitcoin and Ethereum.
It is a good investment because of the high ranking that it is currently receiving in the CoinMarketCap. In terms of market capitalisation, Binance has a third ranking, bearing a market cap of up to $100 billion. Its ticker symbol is BNB while its acronym BSC is used in reference to Binance Smart Chain.
In the last four years, BNB has managed to expand its horizon and currently, users are using it to pay for transaction fees on Binance and send tokens via Binance Smart Chain. There are numerous reasons why Binance is a good investment and here are some of them:
Users are also able to make passive income on BSC and use it as collateral whenever they need to acquire a crypto loan. An investor is able to use BNB as a payment method for the Binance Visa or debit card. Alternatively, a user can pay for other utilities using the Binance visa card when shopping, gaming and even making purchases on real estate.
In fiat currencies, Binance will continue dominating if it keeps up with the good performances. With the IEO model that its using together with all the recent projects such as Celer, Fetch AI and WINK, it will still rise to prominence. For more information you can check out on the following sources.