Binance Coin (BNB)
- Binance has created a platform that seeks to integrate blockchain technology with the mainstream financial system
- BNB coin is the native token to the Binance blockchain and is one of the best-performing crypto assets.
What is BNB coin?
In addition to becoming the world’s biggest cryptocurrency exchange, Binance has established a whole functionality environment.
Some of the resources available for the platform’s users include the Binance chain, a wallet, and research and development programs. These resources are all built on the capabilities of Binance blockchain’s finance-oriented design. The successful operation of many of the Binance projects is dependent on the proper operation of Binance Coin.
Binance Coin (BNB) is a cryptocurrency exchange-based token that was established and issued by centralized crypto exchange Binance. BNB was first launched on the Ethereum blockchain as an ERC-20 token in July 2017 and was subsequently moved to the Binance Chain in February 2019, where it has since become the native coin.
According to Binance’s whitepaper, BNB was created to be used to pay fees at a discounted rate on the Binance platform as well as to serve as the native token that powers the Binance Chain. As of the time of writing, all the 168,137,036 BNB coins issued on the network are in circulation, with each coin trading at $430.
Is BNB Coin a good investment?
The straight answer to this question is yes. Since its launch, according to crypto analytics site, Coinmarketcap, BNB coin has given its initial holders a return on investment of 374,776%. Even by crypto standards, this is definitely an exemplary performance, especially considering that the coin is only four years old.
If you had invested $100 in BNB one year ago, that investment would have been worth $1,444 today. That represents a growth of about 1,490% over that period. However, the asset has also experienced significantly high volatility. The variance between its 52-week high of $690 and a 52-week low of $22.5 is 2,964%. This calls for a cautious approach when investing in the asset.
Should I invest in BNB coin today?
Again, the answer to the question above is yes. BNB coin started the year at $37.84 and has risen as high as $690 (recorded in May). At the time of writing, the coin was at $430, and the 20-EMA was above both the 50-EMA and the 100-EMA. This signals a generally bullish market and increases the likelihood of further price gains in the coming days. Therefore, you should consider investing in BNB coin today.
Technical analysis for CRYPTO: BNB
Best case scenario
At the time of writing, BNB coin prices are marginally below their 24-hour level by 0.26%. However, as shown in the chart above, the 20-EMA is above the 50-EMA, which signals a likely bullish control. If the bulls take control, they may push the price to meet the first resistance at $443, beyond which a second resistance level will be established at $454.
Worst case scenario
The Relative Strength Index is showing signs of weakness and is currently at 48. This means that the market could be susceptible to bearishness. In that case, the bears could lead to a price decline to the first support at $420. Further bearish control could see the price falling further to $399.
Will BNB coin hit $1,000 in a year?
In the past nine months, BNB coin has registered an average monthly growth rate of 58.47%. During that period, it has also registered a difference of 1,930% between its highest price and lowest price. By integrating both the average growth rate and the difference between a 9-month low and a 9-month high, it means that the BNB coin could register an average of $761 and a maximum price of $14,687 by September 2019.
What is BNB coin price prediction for 2025?
Again, working with the monthly growth rate of 58.47% and high-low variation of 1,970%, BNB coin price could be worth an average of $4,219 and a maximum of $81,426 four years from now.
The best way to buy BNB coin
You can buy BNB coins from Binance, which is the largest market. Alternatively, you can get it from KuCoin, Bithumb, or FTX.