Binance Coin has seen profits of more than 13000% last year. So many people question what Binance Coin is? Why did it see such major profits? Or what will be its price this year?
Binance Exchange is the largest exchange in the world by everyday volume. In 2017 Chanpeng Zhao co-founded it. Its native token is known as Binance Coin. 30 million is its estimated users. In 2021 its peak everyday volume touched $76 billion.
Within the ecosystem of Binance is a blockchain known as Binance Smart Chain running smart applications that are contract-based. Last year was huge for it. One of the reasons is the slow pace and vast fees of Ethereum, for which a lot of users switched to Binance Smart Chain. Also, new projects’ success was responsible alone for huge transactions on the blockchain compared to the network in Ethereum achieved overall in the entire year at platforms like cryptofolds.com.
Analysis of price history
- Let us explore Binance Coin’s past performance and then dig into its future price expectation.
- Through Initial Coin Offering, it was launched.
- Almost half of its total supply got distributed to its founding team other than angel investors.
- Raising nearly $15 million, investors received another half at 15 cents.
- For emergency reserve and marketing branding, the capital gets used.
- The primary use of this coin is fee payment for transactions on the platform of Binance.
- Binance Coin is considered to be one utility token on Binance Smart Chain.
- So you can make use of it for sending tokens and generating passive income.
- It can also be used as collateral for cryptocurrency loans.
- Few uses such as booking or paying for hotels, shopping, travel and gaming are other uses.
Price predictions for 2022
Q1 and Q2
- The price of the Binance coin is expected to be between $411-$614 during this year’s first quarter.
- In February, $488.331 is its predicted average price, and in March, it is $491.818.
- It may see an opening in the second quarter at $421.114.
- $495.428 is its predicted average price in April, and in May, it is $498.673.
- It has been forecasted that its average price in June will eventually be hitting the mark of $500, and thus it will be trading at $501.757,
- In June, it can also reach $627.197.
Q3 and Q4
- It is predicted that its price will range between $428.802-$636.512 from July-September.
- In July, the predicted average price will be $504.473.
- In August, it is expected to increase to $506.992 and $509.21.
- It also predicted that in October, it will be trading among $434.402 minimum and $511.061 maximum.
- In November, Binance Coin’s price may increase to $640.82.
- It is expected that the price will average $513.886 and trade between $436.803-$642.357
Price prediction for the coming years
If the bullish trend is there, by this year’s end, it will be reaching $800. 2022’ first half will see rapid growth till $950. After that, it will be slowing down. However, there will be no vast falls.
Price prediction of 2024
- According to the latest developments, upgrades, price prediction and latest forecasts of projects on the platform, investors of Binance coin may expect various integrations and partnerships around 2024.
- It will be boosting its price in the cryptocurrency market.
- It will also be the perfect investment as there will be a spike in price that will be reaching around $2500.
Price prediction of 2025
- In the coming four years, the price of Binance Coin can rise and reach $4000.
- But to reach this level will not be much challenging for it as extra medium, long-term and short-term price targets will be found buying or selling orders.
- It indicates that it comes with a high chance to reach new all-time high soon in the coming five years according to the prediction.
Conclusion
Binance coin comes with massive potential for growth. It is known to be one of the reliable and safest coins for investment as it is a great utility token and less volatile. It is seen to boast some actual use cases like transaction payment on its exchange. This native token is creating severe competition for Ethereum. It is leveraging DeFi’s growing ecosystem with many projects apart from the $1 billion commitment for expanding the projects. Regardless of the dip in the value, various signals point to an appropriate rebound in price.
