Cryptocurrencies might be a successful digital monetary technology today, but they also carry the risk of being prone to market volatility. And this is what makes people rethink practicing crypto trading. But despite that cryptocurrency has still managed to drag the attention of not only traders but institutional investors also even during the pandemic phase. It became hard for the fiat currencies to withstand the test of time. And this is when cryptocurrencies made their mark with their remarkable price movement. Now let us analyze Binance Coin, and know whether it is good to invest in, and other aspects.
Overview of Binance Coin
Binance Coin as the name suggests is associated with the world’s popular cryptocurrency exchange Binance. Traded with the symbol BNB, it is used for trading. It came around 2017 and is supported by sturdy digital ledger technology, blockchain, and scientific algorithm operating on ERC20 Ethereum currently.
The complete ecosystem is framed in such a manner that it can support listing fees, trading fees, exchange fees, and other utilities. Other than hosting its native cryptocurrency BNB, Binance also facilitates the provision of Binance Smart Chain, Binance Research, Trust Wallet, Binance Chain, Binance Academy, etc. The impact of BSC (Binance Smart Chain) with its introduction has been positive on the Binance coin forecast.
BNB or Binance coin can be defined as a utility token mainly preferred for the payment of transaction fees. In the current scenario, Binance has emerged as a direct competitor to other cryptocurrency exchanges.
What was the main objective behind the launch of the Binance exchange?
The main purpose behind the launch of Binance Exchange by Changpeng Zhao (founder) and Roger Wang (Co-Founder) came with an initiative to remove persisting problems concerned with trading in the crypto market. His vision did get acknowledged and accepted and today we all can witness its huge success in being one of the top-rated cryptocurrency exchanges. Based on internal risk management and market conditions, Binance Loans facilitates its users with multiple options for supported crypto assets.
Factors that make Binance popular
Anyone new to the crypto space must be inquisitive in knowing the main factors behind the success of Binance or its popularity. The major one is it’s holding a 1 billion trading volume regularly. In the coming years, more and more lucrative possibilities are going to be held by Binance. One of the major ones includes bringing stability to keep uncertain market fluctuations at bay and burning BNB with every organized phase-wise procedure.
Coming on to the next big factor behind the popularity of the Binance coin (BNB) making it special and appealing for mass adoption is the benefit of inter-tradability for other crypto assets. The latter alternate coin finds its best use for the payment of Binance’s 0.1% per trade fee added to its withdrawal fee. It is charged during the movement of cryptocurrencies from the exchange to the private wallet by the users.
Counting upon the more benefits of Binance Coin (BNB) is its utility in other particular ICO investments through the Launchpad program of Binance. The latter platform is also supportive of usual payment methods (credit/debit cards), mobile applications, and digital currency. Some of the best BNB wallets of 2022 include Ledger Nano S, Exodus, Coinomi wallet, Ledger Nano X, Guarda wallet, and Ellipal Titan.
The year 2019 came with a remarkable turnover for Binance Coin. Although, in the second half of the year, it did perform slower, but made an upward swing to the IEO launched by it in the end with around 150% gains. The downward pattern of BNB happened due to the pandemic in 2020 and continued negative for a longer time. But in the same year, this altcoin made an improvement hitting the $40 price mark. Then at the beginning of 2021, BNB made a spectacular rise with its all-time-high (ATH) of $690.
What do experts say about BNB?
When it comes to exploring cryptocurrencies, then one negative trait we have to be familiar with is of course volatility. Like other cryptos that are prone to it, Binance Coin is not aloof from it. Witnessing much potential in terms of price and technical analysis, let us know what experts have to say about BNB price prediction.
According to them, the altcoins do hold a positive and futuristic approach, with the possibility of sustaining the current price rally by the year-end. By 2025, the worth of BNB might touch $1110. By 2028, it can create a milestone of $2,203.95.
Is it a good choice for investment or not?
Yes, Binance Coin does make a good choice for investment as it still manages to gather interest. It is a native crypto token of a very famous exchange, Binance operating on its blockchain. It regularly burns tokens and is perfect for selling itself. Plus, the graph of its admirers is maximum. All these factors give an upward push to BNB. Log on to know more about the best Binance Coin wallets of 2022.