Binance Token is the native coin of the Binance Chain and is used to earn a transaction fee reduction on the Binance Exchange. The main goal of Binance Coin was to attract more traders to the Binance Exchange, and it has proven to be a huge success. The Binance Exchange is the world’s biggest cryptocurrency exchange.
Binance had a 24 trading volume of $15,840,708,435 recently. The 0.04 bnb to USD today is 443.52. According to CoinMarketCap, this is approximately five times the size of the second-largest exchange, Coinbase, which has a market capitalization of $3,738,669,717.
However, there is a lot more happening behind the curtains. BNB was not among the most well-known coins until lately. All of that changed in 2021 when the DeFi (Decentralised Finance) marketplace pounced on BNB. It has evolved into a significant trade asset worth owning, with 2021 being its most incredible year yet.
Let’s look at where the price of BNB may go in the following years
Binance Coin Prediction 2023
According to Coin Price Forecast, Binance Coin might reach $1,254 at its peak by the end of 2023. Binance Coin price forecasts for 2023 appear promising, with most crypto price experts predicting prices to climb.
Binance coin (BNB) is expected to hit a low of $592.393 by December 2023, according to Trading Beasts. DigitalCoin has the closest projection to this price, with a maximum price of $826.54 by September 2022.
Will Binance Coin Go Up?
Binance Coin (BNB) is expected to rise in value as the DeFi market expands on Binance Smart Chain (BSC), the second-largest DeFi platform behind Ethereum.
The BSC was introduced in September 2020, but it didn’t become a viable DeFi option until February 2021. At the time, Ethereum transaction fees were very fluctuating and, at times, prohibitively costly.
It meant that operating a DeFi project on Ethereum may be prohibitively expensive. And as a result, several projects switched to the BSC, where fees are much cheaper. As a result, as long as the BSC can compete with Ethereum and other DeFi platforms, the BNB coin price may rise.
How Much is Binance Coin Worth?
Binance Coin is now worth $514.19 per coin, according to CoinMarketCap. It is worth around $85 billion on the stock market. BNB is now the third-largest cryptocurrency, after only Ethereum (ETH) and Bitcoin (BTC).
The lowest price BNB obtained last year was $15.02, and the highest was $690.93, which was achieved in May 2021. It’s also worth mentioning that 90 percent of BNB tokens (153,432,897.00) have already been distributed out of a total supply of 170,532,785. Find out more with a crypto aggregator.
At this time of writing, it should be noted that BNB has lost a significant amount of its value. Since Elon Musk revealed that Tesla would no longer take Bitcoin, the price of Bitcoin and several other cryptocurrencies have plummeted. While this may frighten some newcomers, it is a fantastic chance for more experienced traders to purchase more BNB.
Is It Worth Investing in Binance?
Yes, Binance Coin looks to be a promising long-term investment, with optimistic price expectations for the next several years. Binance Coin benefits from more than simply a thriving DeFi market. If the crypto market remains bullish, more traders will use it to pay Binance Exchange fees.
If these two conditions continue to exist in the following months and years, investment in BNB will pay off handsomely. Of course, there are some reservations. The first is that Binance Currency is centralized, implying that Binance manages most of what happens to the coin.
For many cryptocurrency traders, the concept of a centralized cryptocurrency as opposed to what a cryptocurrency should be.
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