Binance Coin in recent days has been blowing up and even claimed the place in Top 3. Why is BNB coin going up? The ChangeHero team collected the reasons and BNB price prediction for each year in this updated article.
What is Binance Coin?
Binance Coin (ticker: BNB) is a cryptocurrency developed for use within the ecosystem of the Binance cryptocurrency exchange. It was launched in 2017 in an ICO (Initial Coin Offering) on Ethereum to fund the launch of the exchange. Later, it migrated to its own blockchain called Binance Chain.
The primary use case for Binance Coin is to pay for the trading fees on the exchange. As the Binance platform grew, new use cases emerged. Now users can use their Binance Coins by funding IEOs on Binance Launchpad or paying for travel expenses on TravelByBit.
In our Binance Coin Beginner’s Guide, you can find more info on the tech and history of BNB.
Binance Coin Price History
Binance Coin price in 2017–2019
As an ICO, the tokens were sold for about $0.1. Just a month later, when the token was being traded on exchanges, the BNB price was already over $2.5. The Binance Coin launch coincided with the Bitcoin rally, and by 2018, BNB’s price skyrocketed to $22.63.
Since then, Binance Coin’s price movements somewhat diverged from the rest of the market. It experienced the bull market longer, from February up until June of 2018. Then the bears regained the initiative, and Binance Coin’s price went down to $6 by the end of the year.
By the time of the migration on April 23, 2019, Binance Coin’s price was $24.20. Then the price reached $39.57 on June 22, 2019.
While this is an example of how BNB defied the market-wide trend, Crypto Winter caught up to it, too. In the second half of 2019, it finished the year 180% down from the ATH at $13.57 per coin.
BNB Price in 2020–2021
Binance Coin’s price in 2020 caught the post-Crypto-Winter uptrend and went back up to $26.38 in February. Yet another crisis changed the course and took the price down to $6.96 when the market crashed in March.
The opening price of BNB in 2021 was about $37.67, which is 441.23% up from the March crash. This was only the beginning: Binance started to nurture the DeFi ecosystem on Binance Smart Chain. It exploded, and the BNB price followed it, pumping as high as $342.88 (February, 19) — the current ATH.
This rapid growth took Binance Coin to the third place in the crypto market capitalization ranks. At the time of writing, BNB is worth $286.09.
What influences the price?
Is BNB a good investment? Let’s take a look at some reasons in favor of this statement.
Binance Smart Chain
The main catalyst for the recent parabolic growth has been the DeFi boom on the Binance Smart Chain. Venus and PancakeSwap, decentralized exchanges on BSC, have a total value locked comparable with Uniswap and Aave. The BSC DEXs accumulated a $7.84B TVL in only four months, while Uniswap and Aave had years.
Like Ethereum uses ETH, BSC uses BNB to pay for gas fees. ~$0.20 BNB fee is more attractive to users than $20 in ETH. This simple fact let Binance Coin take the third place among all cryptocurrencies right now.
Binance Coin is made to be deflationary. From the very beginning, 200 million tokens were put into circulation but every three months a calculated amount of BNB is burned. This is set to continue until 100 million are burned and the total supply remaining is 100 million.
On the one hand, reducing the supply increases the value of the remaining coins. Doing so in predictable time intervals won’t cause supply shock. On the other hand, the amounts burned so far constitute a small share of the total supply.
In the latest BNB burn, the formula was changed to accelerate the rate of burning. A total of 3,619,888 BNB, equivalent to $165,791,000 were erased from the supply.
Binance Coin was designed to be used as a utility token to pay for fees on the Binance exchange only initially. This use case is being rotated out by making BNB more viable as actual digital money.
Since 2017, it has already gained more use cases thanks to the new products connected with Binance. As an example, take Binance Launchpad, Charity or their partners: TravelbyBit, BitTorrent, Crypto.com and others.
Binance Coin on Twitter
$BNB gave us so many early signs of the Bullish move and finally, BNB broke out of the Falling wedge with many green candles which makes me think like we may see a New ATH anytime soon!
More and more projects are joining hands with #BSC
This will boost BNB to an another level pic.twitter.com/QkfjdYu9Y5
— Elja𝕭oom💥 (@Eljaboom) March 10, 2021
Well-known Twitter influencer Eljaboom brings in the BNB chart analysis. According to it, BNB broke out of a falling wedge. It means that for now the bulls are ahead.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$BNB $DOGE $GRT $ADA $DREP $CHZ $ONT $VET $IRIS $HBAR $AVAX $WAN $MATIC $XVS $CTSI pic.twitter.com/QSvR6AzL3g
— CryptoDiffer (@CryptoDiffer) March 9, 2021
Analytics service CryptoDiffer shares that BNB currently has the highest social score. It means it is most often mentioned in unique and quality posts, most of which are bullish.
CZ has a big announcement tomorrow.
Wonder what it’s going to be $BNB 🤔
— Johnny (@CryptoGodJohn) March 9, 2021
Another influencer going by Johnny speculates what could the upcoming announcement hinted by CZ be. What intrigues them even more is if BNB is going to react to the news.
BNB Price Prediction 2021
LongForecast BNB Price Prediction 2021: $508
Using historic and technical analysis, LongForecast agency points at a $508 target at the year’s close. However, we may see some dips on the way there in April and September. April will see BNB lose 14.5% of the value at close, falling to $201. As far as this forecast is concerned, this will be the best buying opportunity.
BraveNewCoin BNB Price Prediction 2021: bullish above $200
Renowned technical analyst Josh Olszewicz gave a couple of insights into the price trends of Binance Coin. The graph that the price formed in 4-hour and daily time frames point at some bearish divergence at the peak. Surprisingly, despite the fact that he called ongoing growth unsustainable, he admits that for the most part, metrics are bullish.
WalletInvestor BNB Price Prediction 2021: $278
Slightly less bullish evaluation for Binance Coin is given by another service, WalletInvestor. It is not probable that we will see a new ATH in 2021 again. After the correction, there’ll be a clear uptrend and the closing price will be $251.96 average, $278.583 maximum.
Binance Coin Price predictions for 2022–2024
TradingBeasts BNB Price Prediction: $192–344 in 2022, $238–423 in 2023
Some Binance Coin price predictions state that in the next few years the price will be growing. Others like the TradingBeasts’ forecast suggest a bit more grounded scenario. Their data shows a slow but steady increase with some fluctuations over the course of the next two years. 2022 will close with BNB costing $275.370 on average, and 2023 it will be slightly higher: $338.571.
DigitalCoinPrice BNB Price Prediction: $577 in 2023, $675 in 2024
As for the next couple of years, let’s refer to a more forward-looking assessment. According to this prediction, the average price of BNB in 2023 will total to $577.31. 2024 will be the year when the average BNB price will keep growing, surging to $674.63, the data suggests.
BNB Coin Price Prediction 2025
DigitalCoinPrice BNB Price Prediction: $873.33
In 2025, the price of Binance Coin will be fluctuating wildly, prediction-generating platform DigitalCoinPrice forecasts.
The lowest price averages will be seen in March ($692.38) and October ($734.87). Meanwhile, in January the price of BNB is predicted to grow up to $950.47. Similar price performance will also be seen in May ($947.05).
Gov.capital BNB Price Prediction: $450–609
Another price prediction web-platform gives a slightly less bold but as bullish figure. Gov.capital claims that in exactly five years from now, the price for a single BNB may be anywhere from $450.85 to $609.98. If we keep the time frame in mind, the figures which are so close to the current price seem conservative.
Cryptogeek BNB Price Prediction: $2,800–28,000
Cryptogeek writers speculate that in five years, Binance Coin can be worth ten or hundred times more than currently. This makes their estimate stand between $2,800 and 28,000.
A crucial point they make is that it depends on the buying power of USD. Should it significantly decrease in the coming years, BNB target will be in the higher range.
Binance Coin Price Prediction 2030
The Cryptocurrency Price Prediction website theorizes that by the end of the decade, BNB will fluctuate between $3,928 and $7,816. To maintain this performance level, it would need to continue the rally for the years to come. This prediction is extremely bullish, but given how hard it is to give an accurate forecast, it might as well happen.
BNB Price Predictions 2021–2030
|Year||Price forecast, $|
ChangeHero Prediction for Binance Coin
What is the future of BNB coin? Most of the forecasts show a very bright future for BNB. Traders in their short and long-term predictions agree that Binance Coin’s fundamentals are strong.
The forays into DeFi provide that investors can be sure in the future of the currency. We also find Binance Coin to be one of the most interesting coins out there which are guaranteed to succeed.
How to exchange BNB on ChangeHero?
By the way, did you know that you can exchange Binance Coin on ChangeHero? Swap it with other coins and tokens from our list, now is the time if you ask us!
- Choose the currencies on the home page, amounts and the type of exchange. Provide your wallet address in the next step and check the amounts;
- Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
- All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives.
The Best Rate transactions will use the rate current to the time when your funds arrive.
The Fixed Rate will use the rate at the time of step 1;
- As soon as the exchange has been processed, your BNB is on the way to your wallet.
ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].
Binance ecosystem development shows no signs of slowing down. The growth catalyst which made BNB’s way into the top three is DeFi. Who knows what else the Binance ecosystem can incorporate to keep BNB even more relevant.
We would love to hear your thoughts on the future of Binance Coin. Other articles in our blog can spark an equally interesting discussion, too! Feel free to follow our pages on social media: Twitter, Facebook, Reddit and in Telegram.
This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.