Binance Coin has aroused huge interest among investors. It is the largest digital currency that was created by a cryptocurrency exchange. BNB was launched by Binance. However, it is used not only for getting discounts on the fees inside the platform, but also for payments outside the exchange. This makes the coin investment-attractive. Binance Coin Price Prediction. Traders will learn about specifics and prospects of the digital coin.
What is Binance Coin?
Binance Coin (BNB) is the native cryptocurrency of Binance. Changpeng Zhao, CEO of the cryptocurrency exchange, announced its launch in July 2017. Initially, the token of the ERC-20 standard, was built on the Ethereum blockchain. However, later on the crypto exchange moved BNB to its own blockchain that showed high efficiency. As of April 2022, the platform performed 1.4 million transactions per second, which is one of the top indicators in the entire cryptocurrency industry.
The maximum price of BNB as of 2022 was $675. However, Binance Coin may potentially rise higher than that in the future.
What are the prospects of Binance Coin?
Traders Union experts predict that the cryptocurrency price will grow short and long term. The factors that strongly impact the Binance Coin price include:
- Token burning policy. Binance quarterly burns BNB. The supply is decreasing while the demand for the cryptocurrency continues to climb.
- Staking. Binance Coin uses Proof-of-Stake algorithm. This allows cryptocurrency holders to “freeze” it for a specific period of time, and receive profit upon expiry of the ‘freeze’ period. Staking is a promising model, and the prices of the cryptocurrencies that use the PoS algorithm will continue to increase.
- News. Binance Coin price strongly depends on the news. Positive news causes the price to grow.
- Mass application. Binance Coin is used not only for transactions inside Binance, but also beyond the crypto exchange. For example, the tokens can be used to make purchases online and offline, book air tickets, and make charitable donations.
Considering these factors, TU experts expect the cryptocurrency price to grow. According to expert forecasts, BNB may hit a new all-time high as early as in 2023, reaching $685. By 2030, the price of the crypto asset may reach $2,488.
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