Binance Coin price all-time growth, via Coinbase
In recent times, Binance Coin has managed to give a strong bullish signal to its investors by breaking the resistance of $600 until some bears halted its attempt to go above its resistance level. Binance Coin (BNB) is trading today at the price of $588.90 after rising by 22% in the last 1 month.
In this guide, we will review predictions for the Binance Coin price to help you plan your investment in BNB.
Binance Coin Price Now – Live Price Chart
At the time of writing, the Binance Coin price is valued at just under $600.
The BNB crypto price has corrected by 0.97% in the last 7 days. Its current price is just 13.48% less than its all-time high of $690.93.
View the Binance Coin price today on the live chart above.
BNB is ranked #3 in terms of its marketcap, only behind Bitcoin and Ethereum. The circulating supply of BNB coins stands at a value of 166,801,148 BNB coins with a maximum supply of 166,801,148 BNB coins.
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Binance Coin has been on a bullish run in November 2021. The price went as high as $669 on November 7. Though it dipped around the third week of this month, when its prices were down to $527, it managed to bounce back and has got its positive momentum back by maintaining itself within the range of 580 – 610 USD.
Experts believe that BNB could be a profitable investment avenue among crypto enthusiasts. Therefore, if you are aiming to make your investment in BNB for the first time, this is the right time to make this move.
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Binance Coin (BNB) price over the years
Binance Coin was launched in the year 2017 by Changpeng Zhao. This currency has the title of biggest cryptocurrency exchange globally based on its daily trading volume. The configuration of its name signifies the idea behind the development of this currency, i.e. Binary Finance, or Binance.
Below is a graph of Binance Coin price history, 2018 – 2022.
Binance Coin price history, via Binance and Tradingview
The year 2017-2018
This crypto opened with a grand run on the BNB price chart in the year 2017. BNB’s crypto price rose to the value of $10 in December 2017 itself, which showcased itself as a promising crypto asset in the eyes of investors and traders. It had some bullish momentum during the initial weeks of January 2018, when the BNB price hit $21.
Then, it had bearish innings before it managed to bring itself to its original momentum towards the mid-year of 2018. It went up to the value of $14 in June 2018. Afterward, this cryptocurrency faced some downfall in its value when it came down to the price of $5.9 in December 2018.
The year 2019-2020
Binance Coin price skyrocketed in the first half of 2019. It almost went up by 5 times from its last year value. It was priced around $36 in the last week of June 2019. This rise was attributed to the launch of IEO during the same year. The huge surge in its price was followed by an unfortunate dip on its price graph as it got valued at around $13 towards the last week of that year.
Just like the last year, the year 2020 also witnessed the same trend in Binance Coin price as it regained its bullish rise on the BNB price chart when it got valued at around $25 during the second week of February 2020 itself. This growth was followed by some lukewarm performance of this crypto as it got priced around $15.5 towards the first half of 2020.
Unlike the previous year, the second half of 2020 brought some positive news to its investors and traders as BNB price soared high to the value of $30 in October, and it was closed around $33 towards the end of 2020.
The year 2021
The year 2021 saw a tremendous rise in Binance Coin price. The price crossed the dream figure of $300 in the initial two months itself, while, at sometimes, its value was almost 10 times from its last year price. This rise went even higher towards the mid-year of 2021 where it managed to touch its all-time high figure of $690 in May 2021 itself.
This bullish run at the digital market was soon broken, and it came down to the value of around $300 towards June 2021. Soon, it got a little pace at its price, and it went up the $500 figure in the first week of November 2021. Further, this month saw BNB touching the mark of $600 again in the digital market.
Though it has reduced a little bit in its value in a few days, it is expected to have a positive run in the upcoming days where it would move beyond the mark of $700.
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How is the price of Binance Coin (BNB) determined?
BNB price is determined by market-driven factors like supply, demand, utility, market conditions, etc. External factors like laws or regulations affecting cryptocurrency have an important bearing on the market price of BNB.
Further, if Binance is launching a new product in the market, or associating itself with any country or organization, its price would have an impact by such developments. Here, we are explaining some important factors determining Binance Coin (BNB) price.
Demand and Supply of Binance Coin
With the growing popularity of this crypto among the crypto-enthusiasts along with its high price predictions in the upcoming years, this cryptocurrency will have a huge demand among investors or traders.
Since the supply side of this currency can’t be made equivalent with its demand side immediately, its price would go high at an unprecedented pace.
Market Capitalization
The market capitalization of any cryptocurrency could be very well understood with this simple formula: Market Capitalization = Total Circulating Supply of The Coins x Price of Each Coin.
BNB has been ranked third in terms of its market capitalization. The circulating supply of BNB coins stands at the value of 166,801,148 BNB coins. With the increase in market capitalization of this currency in the financial market, Binance Coin price would go up.
Law and regulations affecting the cryptocurrency
If any country passes any law or regulations allowing, banning, or restricting the use of any cryptocurrency in its financial space, it has a cascading effect on BNB price. Recently, the Indian government is expected to pass a bill in its parliament session banning private cryptocurrencies in the country. If this bill gets passed in the parliament, it would undoubtedly affect Binance Coin price in the market as Indian investors would try to take their money out from this cryptocurrency.
Important decisions made by the company
Whenever Binance makes any big investment decision or launches any huge project in the market, these announcements have a trigger effect on the market price of this crypto as such type of news helps in getting the confidence of investors or traders in the business realm.
Binance is found to be in connection with sovereign wealth funds for seeking their investment in the world’s largest cryptocurrency exchange to improve people’s perception and government relationships. If this tie gets successful, investors could expect the price of Binance Coin to go high.
Similarly, the company lost its many customers (about 3 percent) when it made the know your customer (KVC) process mandatory for its users. This decision received backlash from the customers as they do not want to lose their anonymity to the world’s biggest cryptocurrency exchange.
The launch of the Binance Smart Chain project has also invited investors’ eyes to this company as this newly developed platform was able to make 14.7 million transactions in a single day itself. Therefore, the announcements or decisions like these would continue to affect the market price of Binance Coin in the upcoming times.
Binance Coin Mining
Though the increase in mining expenses increases the price of cryptocurrency as well, this factor does not play any role in determining the market price of Binance Coin. This is because mining is not required for BNB.
Binance Coin (BNB) uses Proof-of-Stake (PoS) mechanism, rather Proof-of-Work (PoW) mechanism that requires mining. One needs to buy some BNB, and then invest it as a stake, more like keeping money in a savings account. Though its era started with pre-mined BNB tokens, however, at present, additional BNB could be generated through staking.
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How often does the price of Binance Coin (BNB) change?
The economics of cryptocurrency is in constant flux. As mentioned earlier, the price of BNB depends upon various factors, be it an important decision of the company, any externalities, any significant market event, or any other factor. Therefore, it becomes important for every investor to invest in BNB after doing some research and investigation.
For doing all such stuff, you should visit eToro, which provides you with various insights and expert opinions on questions like how much should be invested in BNB, when you have to buy, hold, or sell it strategically. Their expert team, which monitors the market 24/7, would help you in taking the right investment call. So, visit the eToro trading platform as soon as possible.
Investing in Binance Coin
The year 2021 has observed the tremendous rise of Binance Coin as it reached the dream figure of $600 in the middle of this year. Its value is predicted to rise by multiple times in the upcoming years, which makes it one of the most popular cryptocurrencies among investors. Many traders are considering investing in Binance Coin because of its stability, and lucrative prospects.
Is it worth buying Binance Coin (BNB) in December2022?
BNB has shown bearish trends in the last few weeks for November 2021, where it has even touched the mark of $600 during the middle of that month. Considering the news regarding its prospective association with sovereign wealth funds, and the success of the Binance Smart Chain project, its price is expected to go beyond $700 for December 2021. So, you could invest your money in this crypto for this time, and sell Binance Coin (BNB) later at a higher price.
Who should invest in Binance Coin (BNB)?
Binance Coin (BNB) has always come out as an appealing investment avenue among the crypto-enthusiasts. Since the price of Binance Coin is expected to rise in the upcoming times, both short-term and long-term investors could invest in this currency.
If you are a beginner to cryptocurrency and are not well versed with its know-how, you could take your decision after going through cryptocurrency beginners’ guide and expert opinions available on eToro, and then take your call as per your requirements.
How to get started with Binance Coin (BNB) investments?
For making easy and quick transactions for BNB investments, you just have to make these simple steps to buy Binance Coin:
Step 1: Start your account on eToro by clicking here.
Step 2: Go through KYC (Know-Your-Customer) protocol, and get your identity verified with the required documents.
Step 3: Deposit some money into your account so that you can buy BNB. You can do it through various payment methods.
Step 4: Search for Binance Coin in the search box, and click on the trade button to start dealing in this emerging cryptocurrency.
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Investing in Binance Coin (BNB) responsibly
Though Binance Coin (BNB) is known for its stability, one has to be vigilant while trading with any cryptocurrency due to the volatile nature of this market. One must have adequate knowledge of the fundamentals or basics regarding how this market operates, what factors influence BNB price, and other important trading rules so that he could take the right decision for his investment.
It is always advisable to go for expert opinions, price history analysis, price predictions so that your money is not put at risk. Always follow risk management and money management techniques to ensure a long run in this field.
Binance Coin Taxation
In the USA, transactions involving buying and selling of cryptocurrencies are subject to taxes because IRS distinguishes cryptocurrencies in the form of property, not currency. Therefore, tax rules governing the transactions involving property are made applicable in this case.
For instance, you are liable to pay for the transactions like selling BNB, paying for goods or services through BNB, converting any crypto into BNB, being paid in BNB, receiving rewards in BNB, etc. An investor could also be levied with a penalty if he fails to report his income from the selling of Binance Coin.
Transactions like donating BNB to a qualified tax-exempt charity or non-profit organization, buying BNB with cash and holding it, etc. are not subjected to tax since there are not any taxable events.
Binance Coin vs other cryptos
For planning a long-term investment in any crypto, its comparison with other leading cryptocurrencies becomes inevitable. Below is a comparison of BNB with Ethereum and Bitcoin.
Binance Coin vs Ethereum
Ethereum is a decentralized, open-source blockchain network. It comes after Bitcoin in terms of market capitalization. Its public ledger is used for recording and validating transactions. The native cryptocurrency of this platform is Ether. It has a plethora of applications running on its platform and helps make global payments. In terms of the price level, it is costlier than Binance Coin.
There is a stiff battle going on between Binance Smart Chain (BSC) and Ethereum in the arena of smart contract space as BSC is providing faster and cheaper transactions on its platform when compared with Ethereum
Binance Coin vs Bitcoin
Bitcoin has been the first cryptocurrency in the market and has been the flag bearer of blockchain technology in the world. Bitcoin stands first in terms of market capitalization in the cryptocurrency ecosystem. It is managed by a decentralized authority and organizes its transactions on the proof-of-work protocol.
The introduction of Binance Smart Chain (BSC) has brought tough competition to Bitcoin in the area of mining as BSC’s latest technology allows the addition of blocks through mining in seconds when compared with Bitcoin which does that process usually in minutes.
Day-Trading Binance Coin (BNB) vs Long-Term Binance Coin (BNB) Investments
The decision regarding whether one should go for either long-term investment or day trading depends upon two factors: the price predictions of cryptocurrency and investors’ objectives.
Looking at the price prospects of Binance Coin, it is predicted that its price would go up by $1000 in the upcoming years, thereby appealing to long-term investors for investing a decent sum of money in this crypto.
Further, the stability of this crypto adds another advantage in its favor for inviting investors from a long-term perspective. At the same time, the volatile nature of this industry is not unknown to the public. Long-term investors are expected to do due diligence before pumping their resources into any cryptocurrency. Based on their risk-taking ability, capital, and research, they could choose BNB as a viable investment avenue.
Nonetheless, the bullish trend observed in the last few days should not go unnoticed in the eyes of swing traders. Since its price is expected to rise towards the end of this year, short-term investors could make a high ROI by holding BNB.
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Future Predictions for Binance Coin Price
Given its historic price movement and other governing factors, Binance Coin price is predicted to have a smooth ride in the next five years:
December 2021
Experts believe that BNB’s price would reach beyond $700 by the end of this year. Since the coin has marked tremendous growth in November 2021, its movement beyond $800 would not come as a surprise to the market experts.
The year 2022
BNB price is expected to touch the figure of $850 by the middle of 2022, thereby making it a perfect investment avenue for short-term profits. By the end of 2022, it is expected to touch the massive figure of $1000 in the market.
The year 2023-2025
The growth of the Binance Exchange platform has gone rampant with the launch of its Smart Chain project. With the introduction of more technologies by this company, the future looks bright for BNB. That is why; BNB is predicted to cross the $1200 mark by the end of 2023.
This positive momentum of BNB price is again reflected in the predictions of 2024, where it is expected to touch the figure of $1700 by the end of that same year. Further, its price is forecasted to grow more by the end of 2025, and reach the value of $1850. Therefore, its price is expected to multiply by three times from its present value within the next four years.
Conclusion
Binance Coin has witnessed massive growth in recent times. The year 2021 has seen this coin touching its all-time highest figure in the market. It has been one of the best-performing crypto assets for this year. Despite showing some bearish trend during the middle of this year, it has managed to bring itself back to its bullish momentum.
The growing popularity of the Binance Smart Chain project and the company’s upcoming developments in the sphere of technology will provide tremendous growth to this cryptocurrency in the upcoming years.
Crypto-enthusiasts could consider investing in BNB for both: short-term and long-term perspectives depending upon their requirements. This investment could be made using a regulated exchange known as eToro, which helps investors, traders, and beginners with trading advice, educational courses, price analysis, price predictions, and any market news that could affect the price of BNB.
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FAQ
Is BNB Coin a good investment?
Depending upon its price history and price predictions, Binance Coin could be considered a good investment as its price has shown growing trends in the last few days.
How much is BNB Coin?
At the time of writing, BNB has been trading for $588.90.
How to buy BNB Coin?
One can buy BNB Coin from a registered online broker known as eToro, which provides complementary benefits in the forms of price analysis, expert opinion, etc. to all the users alongside trading.
How to get free BNB Coin?
One could get free BNB Coin through the offers of the company, rewards earned in any ceremony, free crypto signup bonuses, etc.
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