Binance Coin Price Index – Real-time BNB rate
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Binance Coin Price Summary
Binance Coin (BNB) gained 0.50% against the US dollar to $24.13 in the last 24 hours of trading at the time writing. The digital currency also edged rivals like Bitcoin, where it grew by 0.30% to 0.00229454 BTC. While the performance is impressive, it still falls by 25% short of the year-to-day peak established on September 13.
For much of this year, BNB has outperformed the entire cryptocurrency market. As of February 13, digital currency climbed to $26.47 mark, a level last seen in August 2019. But the market-wide decline between mid-February and mid-March also affected Binance coin, which lost about 67% of its value.
The period since the massive decline in March has been overly optimistic for BNB. In just six months, Binance Coin was not only able to recoup the lost value, but it also touched a new high since August 2019, at $32.30 mark. This is also the highest peak year to date. As you can attest, crypto prices keep shifting, and the best way a crypto investor can avoid losses is to keep informed about the evolution of the prices.
Binance Coin Price History
Binance Coin is the native token for Binance Chain. Binance Chain is the blockchain network whose architecture and technology supports the functioning of the Binance cryptocurrency exchange. BNB was first available to enthusiasts on July 21, 2017, through an initial coin offering (ICO). During the ICO, the project made 100 million BNB available, all of which went into circulation in 20 days.
During the ICO, one Binance Coin was worth a measly $0.1, but it was not long before the market discovered the value of the crypto. By mid-January 2018, one BNB was worth $21.88. The coin would maintain fair stability during the year as other cryptocurrencies’ value collapsed left, right, and centre. While Bitcoin lost over 80% of its value in 2018, BNB closed the year at $6.08, just about 30% lower than when it opened the year.
When it was launched in 2017, BNB was an Ethereum-based ERC-20 token. However, the Binance development community created Binance Chain and later relocated from Ethereum. Logically, BNB activated BNB on its custom network. Investors seemed to love this idea, and the ensuing demand saw BNB touch an all-time high price of $38.16 on June 22, 2019.
Binance Coin has mostly benefited from the fact that it facilitates transactions on one of the biggest cryptocurrency exchanges in the world. As earlier noted, BNB is the native token of Binance Chain. Additionally, traders pay fees on Binance using BNB. For this reason, Binance is the only crypto exchange that is crypto-based in its entirety.
Binance Coin Price Prediction
Binance Coin is a unique digital currency in that it already functions as a payment system on one of the world’s largest cryptocurrency exchanges. This attribute ties the success of the coin to the performance and adoption of the exchange’s solutions. Binance has a good run so far in 2020 and chances are high that the run is yet to run out of steam.
For the last three months, BNB has established important support at $18, and it has shown the willingness to bounce off it past $20. The coming months are likely to see a lot of activity on Binance as more investors shift their wealth to crypto to escape the building recession. This means BNB is expected to experience higher demand.
We predict that BNB might once again test the $33 resistance and even break above it before 2020 ends. In 2021 and beyond, BNB might solidify the rally and launch past the $50 mark and head for even higher valuations especially as Binance continues to enter significant partnerships across the world.
Expert Tip on the Price of BNB
So far, in 2020, BNB has been hungry for higher valuations every single day. The coin has already tested $33.03, which is just 14% away from the all-time high price. But how can you exploit the stability of BNB for profit? The trick is to make use of trend indicators such as Bollinger Bands and the Average True Range (ATR).
About Binance Coin
Binance Coin is the native token for Binance Chain on which the Binance crypto exchange runs. The digital currency is how traders on Binance pay for fees for all kinds of transactions on the platform. BNB’s circulation is capped at 200 million, and it is not minable. The fact that token is the oil that lubricates the vast Binance machine implies that its value could explode in future as Binance continues to break new grounds as a crypto exchange.
Binance Coin Value Compared to Other Cryptocurrencies
Binance Coin was worth $23.63 and 0.00225780 BTC at the time of writing.
Binance Coin is a recent member of the crypto ecosystem, but it has grown fast to earn millions of enthusiasts as owners. Also, BNB is one of the few coins that weathered the 2018 crypto storm that almost took out bigwigs like Bitcoin. As such, one is justified to have optimism about the coin. Additionally, BNB is the native token of the world’s largest purely crypto-based cryptocurrency exchange. Therefore, BNB is a great asset that one should desire to hold.
Yes. Binance is setting a solid foundation that should support the digital currency in its quest for higher highs. So far, Binance has entered a couple of partnerships in Brazil and other countries to enable the spread of the exchange’s tentacles across the world. This should provide the impetus for BNB to climb higher.
Yes. BNB has been trending upwards since March except for a slight correction in early September. Nonetheless, the coin has the potential to hold onto the trend because of strong support by a growing adoption of Binance exchange.
It is impossible to put a definite number on the price of BNB in 2021, but the likelihood of a higher valuation is there. This is because the coin serves as a payment system on a crypto exchange that is gaining traction across the world at a fast pace.