Binance Coin Price Prediction 2021: Market Analysis and Opinions
If you are not new to cryptocurrency, Binance isn’t slang to you. In this article, we will focus on Binance Coin price prediction for this year. Of course, we will show you the connection between the two before we make our BNB prediction.
At the time of writing, BNB has a market capitalization of $44,548,252,949, a circulating supply of 153,432,897.00 BNB, a maximum supply of 170,532,785 BNB, and a total supply of 169,432,897 BNB.
Binance Coin Price Prediction: Technical Analysis
First of all, let’s clarify the relationship between Binance and Binance Coin (BNB). In simple terms, BNB is the native token of the Binance exchange used to power the entire Binance ecosystem. Binance grew from being a mere exchange to include several things, including a charity, Smart Chain, lab, academy research, and many more.
Before we delve into the Binance Coin price prediction, let’s look at how the coin has performed. Although, we’ll focus on late last year and this year, we will only provide a synopsis of the coin from the time it started trading.
BNB debuted at a mere price of $0.1 in June 2017, but it managed to gain fast. By January 2018, the coin was safely trading at $20, thanks to the boom within the crypto market at the time. Since then, nothing much is worth mentioning, but that it wasn’t severely hurt by the subsequent winter that ensued.
In most of 2020, BNB was in a consolidation phase, as the prices didn’t oscillate much to show any trend. However, by December 17, the coin had a breakout and started making assertive gains by remaining above the $30 mark, and the trend continued until the end of the year.
By the beginning of the year, the price of BNB opened at $37.37 and closed at $37.91, with a high and low of $38.93 and $37.05, respectively. On January 3rd, the price had touched the $40 mark and maintained that range for most of the month — with minimal deviations. By the beginning of February, BNB was trading at $51.61.
Between the end of February and most of March, the bulls were more assertive, and price continued soaring to new highs. On March 19, BNB opened at $195.99 and closed at $195.99 within a single day, but that was followed by a reversal to around $255.95 by close of trading.
Despite making gains in March, the price kept seesawing between highs and lows, but it hit its lowest at $234.4, after which it rose steadily in April despite some fluctuations. In May, it gained momentum and hit its ATH of $690.93 on the 10th day. However, after a sharp sell-off across the cryptocurrency markets, the price nosedived to hit $496.98 within ten days, and on the next day, it dived lower to trade at $283.45.
As shown above, the price of the coin is largely range-bound in June, showing signs of consolidation, probably waiting for a breakout in the near future.
Binance Coin Price prediction: Market Opinions
In arriving at our BNB price prediction 2021, we will base our arguments on credible prediction sites and the opinions of influencers and whales.
Price Prediction Sites
The prediction site forecasts that BNB price will start July at a regular price of $358.37 and close the month at a regular price of $361.869. Of course, throughout the month, there will be oscillations, as shown below.
For the long-term forecast, the prediction site shows that in December, BNB will start at $379 and close at $380.70.
At the commencement of July, the BNB price is forecasted to reach $310.060. The expected minimum price is $263.551, and the maximum price is $387.576. At the end of the month, the coin will be valued at $308.979. For the rest of the year, Tradingbeasts anticipates that the coin will close at $338.531.
The long-term forecast by Walletinvestor on the prospects of BNB is quite bullish, showing that the coin will be around the $500 range, as shown in the graph below.
The forecasting site predicts that the value of the coin will retail at an average of $532.36, but will close the year at an average of $507.05, and it could rise to a high of $592.94.
Cryptocurrency Experts and Influencers
Though not an expert in real terms, the recent decision by Nayib Bukele, President of El Salvador, to adopt Bitcoin (BTC) as legal tender had earthshaking ramifications on the cryptocurrency community, with Binance included. Immediately he tweeted on the adoption of Bitcoin, and Justin Sun — the founder of cryptocurrency platform TRON, tweeted back, indicating that investors would troop to the country for opportunities. Later, Binance CEO replied to Bekele’s tweet by indicating that the exchange was moving there.
Indicatively, the news from El Salvador, coupled with the interest from investors, and specifically Binance, will definitely draw interest in the BNB coin. Logically, with Binance being the largest cryptocurrency exchange in the world, they know that the adoption of Bitcoin will bring more business to the Binance network. As more people use the Binance network, the coin will also gain value.
Latest News and Happenings Concerning Binance Coin
Binance Coin has confounded many in the cryptocurrency ecosystem because it has managed to leapfrog most cryptos to attain position four within a short timeframe. Currently, the coin is paired with more than 400 currencies, an achievement worth acknowledging. So, as we make our Binance Coin price prediction, let’s look at other achievements that have made the coin a coveted asset in the crypto ecosystem.
In September 2020, Binance introduced the Binance Smart Chain, which ushered it into the now competitive DeFi space. Thereafter, the introduction of BNB staking coupled with EVM compatibility continues to catapult the BNB coin to new heights because they serve customer needs in peculiar ways, enabling them to make money.
Apart from that, Binance currently boasts of over 60 projects operating on the Binance Smart Chain. As BNB holders seek to reap from their investments, the incorporation of yield farming, PancakeSwap, and automated money maker. Now the entire ecosystem facilitates token swaps, NFTs, and decentralized money markets that enable users to earn yield.
It’s noteworthy that Binance burns a small percentage of BNB every quarter until 100,000,000 BNB tokens are destroyed, and this greatly benefits token holders by reducing the total supply, thereby increasing their prices because coins gain value due to their inherent scarcity.
Binance Coin Price Prediction: Verdict
As we make a Binance Coin price prediction for 2021, we must emphasize that BNB is the native token that powers the Binance ecosystem. Therefore, as long as the Binance network is active, the price will continue to soar. Moreover, with the ongoing coin burning coupled with the launch of financial management products, such as staking, swaps, vaults, and savings, the value of BNB tokens will continue to soar. However, the success of the coin will depend on how well Binance will continue to conquer new markets and maintain a loyal community.
Featured image: tomsguide.com
Article source: Coindoo