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Binance Coin (BNB)
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Author: Harshini Nag Updated: September 12, 2022

Binance Coin (BNB), the native cryptocurrency of the world’s largest cryptocurrency exchange Binance, has caught the eyes of investors as it recently broke the $500 psychological price barrier in May 2021. The currency is expected to be a crucial part of Binance’s future vision as the blockchain ecosystem infrastructure services provider.

Valued at barely $19 in May 2020, Binance Coin’s spectacular improvement in price over the last year can be attributed to the bull run in the crypto market that improved Binance’s trading volume. Binance Coin’s unique selling point is its use case for numerous applications across platforms. 

A Brief History on the Price of Binance Coin

It is crucial to understand past performance and the factors that drive a crypto coin before investing in it. These can be beneficial in analysing its price and forecasting future value. This section explains the key issues affecting BNB’s price and provides a brief look into the price timeline of the currency.

Key News for Binance Coin  

Created in 2017 as a utility token for discounted trading fees via Binance, BNB’s numerous applications today include payments for transaction fees, travel bookings, entertainment and financial services. Binance Coin’s value has inherently been tied together with that of its blockchain and to the performance of the Binance exchange. This means that BNB follows market trends and surges in price as crypto adoption advances.

2021 has been a crucial year for BNB as the crypto coin has witnessed a dramatic surge in its price from $37.31 in the first week of January to a high of $686 in May. This improvement in value can be attributed to an overall uptick in the popularity of the Binance Smart Chain and the gap between BSC and Ethereum projects. 

As of April 2021, the transaction volume on the Binance Smart Chain was triple the volume of the Ethereum blockchain, particularly in Southeast Asia. The future price of Binance Coin is expected to surge based on the growth potential of BSC.

With a strict maximum supply of 200 million BNB tokens, Binance uses one-fifth of its profits to permanently destroy, or "burn," Binance coins held in its treasury as a way of maintaining scarcity and eventually reduce the supply of BNB from 200 million to 100 million. These burn events have historically affected the price of BNB. The largest of these was held in April when Binance destroyed over $600 million worth of BNB pushing its price closer to the $600 mark.  

Binance Coin has also strongly reacted to an increase in trade volume on the Binance exchange. However, this has also meant that the coin is likely to be influenced by the regulatory challenges faced by Binance and the recent surge in central banks’ resistance to cryptocurrencies. HSBC Bank recently became the third UK-based bank to block credit card payments to Binance stating "possible risks to customers" as a reason for implementing the restriction. 

BNB’s position as a crucial part of Binance’s long term focus continues to add to its credibility, and therefore its value. Binance CEO Changpeng Zhao has publicly stated that the goal with BNB was to create an asset that would eventually grow to the heights of Apple and Amazon. Experts continue to believe that the market will rebound from the current $390 price line and eventually meet the long-term target of $1000. However, such development is dependent on the progress of crypto trading and the adoption of Binance products in the blockchain infrastructure.

Binance Coin Timeline

·         July 2017

Binance Coin is launched by Binance on the Ethereum chain as part of its Initial Coin Offering (ICO).  (BNB was priced at around $0.10).

·         January 2018

The coin witnessed a boost in its price towards the end of 2017 and the beginning of 2018 as part of the market-wide bull run, today referred to as the 2017-18 cryptocurrency bubble.  (BNB’s price reached an all-time high of $24.71 in January 2018).

·         December 2018

The bearish trend in the cryptocurrency market after the boom affected all major altcoins including BNB. (BNB’s price dropped to as low as $4.19 in December 2018). 

·         April 2019

BNB’s recovery from the bearish market trend was aided by the seventh Binance Quarterly Coin Burns which pushed the price of the currency from $17.31 at the beginning of the month to over $25.03 by its end. (BNB  hits a high of $25.03 in April).

·         September 2020

Binance Coin launched staking and validation services to the Binance Smart Chain, supporting over 60 projects and 600,000 unique smart chain addresses shortly after the launch (BNB  hit $31.21 in September)

·         18 January 2021

BNB quietly rallied to a new all-time high at $46.90 just a day before its quarterly burn. The improvement in Binance Coin’s value was also attributed to the launch of the BSC which attracted decentralised finance applications and challenged Ethereum directly. (BNB hits $46.90).

·         18 February 2021

Shortly after hitting a new all-time high, BNB continued its rally and passed the $150 psychological price barrier. The currency reached an all-time high of $195 after the token price added over $80 within a 24-hour trading period. (BNB  hit $195 in February).

·         19 February 2021

BNB became the third-largest coin by market capitalisation for the first time in history. Its price surged by over 107% within a week. (BNB was valued at $338.07 on the 20th of February).

·         16 April 2021 

Binance burned a record $600 million worth of BNB and the impressive rally in 2021 led the currency to reach $64 billion market capitalisation, surpassing traditional banks, including Santander, the Bank of Montreal and UBS. The coin also reached 37% of Ethereum’s market cap in April. (BNB was priced at as high as $598 during this period).

·         19 of April 2021

After a decline in value during a market-wide correction, Binance Coin recovered strongly with a 20% increase in its value within 24 hours. (BNB was priced at $503.65 post the recovery)

·         10 of May 2021

 After breaking the $600 price barrier, BNB quickly surged to its current all-time high of $686.31 but failed to stabilise the surge (BNB hits $686.31)

·         July-August 2021

BNB is currently steadily placed above the $300 psychological level. While that is a decline from its all-time high of $686, it is still up an impressive 700% price surge since the beginning of the year. (BNB is currently fluctuating between $320 and $335).

Compare Binance coin with Fiat Currencies, Commodities and Crypto

This section is aimed at understanding how BNB fares against fiat currencies, traditional investment commodities and other cryptocurrencies in order to determine the benefits and opportunity cost of investing in a cryptocurrency like Binance Coin. 

Compare Binance Coin with US Dollar

The market crash of March 2020, caused by the COVID-19 global pandemic led to a decline in the value of and exposed the vulnerabilities of many fiat currencies. While the USD continues to establish its dominance as the global reserve currency, the rise of cryptocurrencies like BNB has offered an alternative with low storage and transfer costs. 

Further, Binance Coin’s limited availability and active efforts to create scarcity mean that the cryptocurrency is protected from manipulation by excessive money printing. Even though the dollar continues to trade favourably, the benefits and future potential of altcoins like BNB make them viable alternative investment options.

Compare Binance Coin with Gold and Oil

Gold has traditionally been the preferred mode of investment for traders looking for a hedge against currency devaluation and volatility. The oil market has inherently held value and acted as an attractive commodity in the market for centuries. However, during the pandemic, global restrictions on trading meant that the price of oil fell rapidly with investors entertaining the scenario of oil even having a negative value.

Cryptocurrencies like Bitcoin and Binance Coin are not only scarce like gold and oil but also offer the same benefits of scarcity.  They are also convenient to trade in the most extreme of circumstances. With the economic value of blockchain, upcoming cryptocurrencies including BNB offer exciting alternatives to investing in traditional commodities.

Compare Binance Coin with Bitcoin  

As the world’s top cryptocurrency, Bitcoin’s role in popularising crypto is unparalleled. Binance Coin boasts the same built-in scarcity and well-funded ecosystem of Bitcoin. Its stunning growth in 2021 and explorations into the DeFi world has meant that BNB is being seen as one of Bitcoin’s future competitors. Binance CEO Changpeng Zhao recently stated that the objective of BNB was to provide a cryptocurrency that could grow faster than Bitcoin. With its price rise from a mere $0.10 to as high as $600 within 4 years, BNB has shown that it is definitely one of the cryptocurrencies to watch out for in the coming years.

Binance Coin Future Price Predictions

Predicting the price trends of a currency you want to invest in is as important as the timing of one’s entry into the market. To determine the right time and understand the possible growth opportunities for BNB in the coming years, it is crucial to examine the price forecast for Binance Coin by experts. The predictions are based on years of data analysis and estimates of how the various factors affecting BNB will perform in the coming years. 

Binance Coin Price in 2021

BNB’s strong performance in the first half of 2021 was followed by a slight decline in its price since the second half of May. The coin has already begun recovery and is currently trading at $390. Experts predict that the renewed upside momentum could help BNB break the descending trendline leading the price to go beyond $400 with further price targets forming to the north in the coming months. Some analysts expect the price of BNB to reach $527.8 by December 2021. Others have a more conservative view and predict that the token might trend around $475 this year, setting the foundation to reach the $500 target next year.  

Binance Coin Price Predictions for  2022

With the growth of the Binance exchange and the spectacular response by the blockchain community to the Binance Smart Chain in 2021, Binance Coin has exciting prospects to look forward to next year. The question on everyone’s mind remains if the coin can reach the $1,000 target in 2022. Analysts predict that the coin will reach at least $870 with a high probability of reaching $1000 by December 2022.   

Beyond 2022 for Binance Coin

Since 2020, centralised exchanges have been ceding market dominance to decentralised finance protocols which offer users access to newly launched tokens and liquidity. To counter this, Binance has incorporated DeFi components into its infrastructure. BNB is important to this vision as it plays a role in fee settlement and transfers, boosting its volume and value. Binance Coin’s price rise over the last few months has been based on this improvement in value and potential, making such a boom stable in the long run. 

The future of BNB as a token is heavily dependent on the growth of Binance. While regulatory issues pose barriers towards Binance’s expansion in the financial world, it continues to be the largest crypto exchange, processing millions of transactions every second. Based on the same, analysts argue that the cryptocurrency will reach the current target, i.e. $1000, by the end of 2025. The prediction further says that the surge will occur via a bull run that will start in 2023.

Others predict that Binance Coin’s value will cross $1,200 by the end of 2023 and effectively reach $1,700 by the end of 2024 if the token can maintain the positive momentum. Even if the conservative prediction comes true, BNB’s value is expected to surge significantly from its value in 2022.

For more detailed predictions, read our Binance Coin price prediction guide here.

Binance Coin Price Conclusion

Recent times have put BNB on the map after its price rose to an all-time high of $690.93. While the currency has now stabilised above the $300 psychological level, the positive momentum from the recovery after the price decline in May 2021 will play a crucial role in determining its price in the future. 

The performance of the wider crypto market will also be a significant factor and so will Binance Smart Chain’s ability to stand up to Ethereum. As the currency prepares to work towards the $1,000 target, investor confidence in BNB and Binance only seems to be increasing.

Frequently Asked Questions

  1. Binance Coin is the native cryptocurrency of the Binance network. It initially ran on the Ethereum network but has since become the native coin of the Binance chain network.
  2. Using BNB reduces the trading fee on Binance and the token has applications across finance and entertainment industries. This combined with Binance's low trading fees, high trust, and stable technology, led to the quick growth of BNB.
  3. Binance regularly performs burning events where it permanently destroys Binance coins held in its treasury.
  4. BNB was one of the top-performing coins in 2021. As the popularity of the Binance Chain increased, the coin surged from around $37 in January to an all-time high of about $680 in May.
  5. You can purchase BNB directly on the Binance exchange. You can also trade the coin through any major cryptocurrency exchange or broker.
  6. No. Unlike Ethereum, Binance Chain was launched with only 11 validators who were selected directly by Binance.
  7. You may remember the ICO craze that happened on Ethereum? Well, Binance Launchpad is an exclusive token launch platform for blockchain startups. Known as an IEO, projects can use Binance to raise funds and launch products. Binance Launchpad also creates demand for the BNB token and helps further develop the cryptocurrency ecosystem.
  8. Binance Chain’s popularity has soared this year as a viable alternative to Ethereum with lower fees and better performance. However, both blockchains have their own pros and cons.
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