Binance CEO CZ (Changpeng Zhao) has been in the news a lot lately given the collapse of FTX.
However, despite all the hype around CZ going against FTX, there hasn't been any recent news about Binance's native coin, BNB (another review). So what's new in BNB? Let's take a look.
BNB to dollar rate chart (BNB/USDT)
BNB cryptocurrency
BNB is the fourth largest cryptocurrency by market capitalization at approximately $46 billion (January 2023), behind only Tether ($65 billion), Ethereum ($157 billion) ) and Bitcoin ($327 billion). BNB is primarily used to pay trading fees on the Binance Exchange, which is currently the largest online cryptocurrency exchange in the world. This is a token that was originally used to run on the Ethereum network, but has now switched to Binance's own network.
BNB's historical peak price was around $680 in May 2021, and it is currently trading at around $300 per coin. While this is a loss in value of over 50% from the all-time high, it is nowhere near the loss in value of other major coins such as BTC or ETH, which have lost nearly 75% and 80% of value from their peak prices.
While the difference between losing 50% and 75% of your assets may not seem like much to first-time investors, in fact, losing “only” 50% means you have twice as much money left over than with a loss of 75%. Secondly, since the value of most large market cap crypto assets is still very highly correlated, this difference is actually very important. It can be said that BNB has outperformed the market over the past 1.5 years.
Also, the crypto market has been continuing its bearish trend for more than a year, and cryptocurrencies and tokens are updating their minimum values. But even in this difficult situation, the coin of the most popular crypto exchange Binance and the BSC (Binance Smart Chaine) blockchain - BNB - is demonstrating a steady increase in dominance.
The rise of BNB dominance in 2022 exceeded 80%. The growth from November to December was more than 29%, at 4.98%, and currently stands at 5.72%.
It is also worth paying attention to the increase in activity of the BSC blockchain development team since mid-November. This is confirmed by the graph below. This trend can tell us about upcoming innovations and possible additions:
Another positive aspect is the increase in the total number of unique addresses containing assets in the network:
The decentralized exchange “PancakeSwap” took the leading position in the popularity of applications on Binance Smart Chain. Bursts of activity can be seen in the histogram below. The reason for the increase in user activity on the exchange was the launch of the World Cup in Qatar. Together with the Galaxy project, the platform launched a competition for predictions for upcoming matches with cash prizes for the winners.
BNB prospects
The future of BNB is ultimately tied to the future of the Binance cryptocurrency exchange. And Binance is currently looking promising as one of its biggest competitors, FTX, is in trouble from which it will have a hard time getting out.
Many former FTX users who were able to withdraw their money, or at least part of their money during the crash, are now using the Binance platform. Additionally, Binance is more than just a crypto exchange. CZ has always paid great attention to new initiatives, technological improvements and the acquisition of other cryptocurrency-related companies.
Binance has its own Incubator program, which selects and funds the most promising new projects related to cryptography and blockchain. Here are some interesting projects they are currently supporting that could help Binance become an even stronger player in the crypto market:
- Wallet Guard and SangBags Protocol are two independent projects dedicated to Web3 security solutions with a focus on protection against fraud and phishing. With an ever-increasing number of cryptocurrency-related scams, this is definitely an area with huge growth potential.
- The Harvest is a free-to-play MOBA video game currently funded by Binance. Lately, Binance has shown growing interest in blockchain gaming.
- The “Mind Network” is essentially a Web3 data protocol that allows users to process their data more efficiently using traditional technologies mixed with cryptography and blockchain technologies.
- "Bracket Labs Group" and "dappOS" are two companies offering DeFi protocols and decentralized blockchain protocols that also participated in Season 5 of the Binance incubation program.
In addition, the exchange has its own stable token (stablecoin) BUSD. Learn more about BUSD.
As the crypto market begins to recover from a massive decline amid economic problems, cryptocurrencies will once again show growth faster than fiat currencies. The growth and success of the crypto market will cause the return of major players and attract even more new users affected by the crisis. Binance, as a dominant brand in both the centralized and decentralized cryptocurrency space, will only expand its influence. Since the BNB coin is inextricably linked to the success of the exchange, its value will continue to rise and set new price records.
BNB price forecast for 2023
Price forecast made by Digitalcoinprice.com:
Price forecast for 07/02. 2023:
Average price of BNB in 2023: $712.8636363636365.
Expected average price of BNB at the end of the year: $712.84.< br>
Price forecast made by WalletInvestor.com:
Price forecast for 07/02/2023:
Minimum BNB price for 2023: $226.860064516129.
Maximum BNB price for 2023: $359.90246666666667.
Average BNB price for 2023: $301.8390756989248.
Expected Low: $226.860064516129.
Expected maximum: $354.83648387096764.
Average expected value: $290.8524838709678.
- According to analysts WalletInvestor, by 2025 the price of BNB could reach $2,150 per coin.
- According to the service Longforecast, the price of the BNB cryptocurrency may reach $1,814 by the end of 2025.
- Experts DigitalCoinPrice believe that the price of BNB in 2025 will be approximately $1,155.
- Coinpriceforecast suggests that BNB holders can expect $1,326 per coin in December 2025.
BNB price forecast for 2030
Analysts Coinpriceforecast calculated that by the end of 2030, the price of BNB will be approximately $1,487.
BNB Forecast Widget for Today
The widget shows the forecast for BNB from a technical perspective. analysis in real time at specified intervals.
Conclusion
It is difficult to predict the future of such a large project as Binance, however, we can follow the updates and see what activities and events it takes part in. CryptoBread.net is always looking for information about famous crypto projects, so be sure to check our Blog regularly.
