by Rushali 
The cryptocurrency world has many misconceptions among people. Like many people believe that bitcoin is a bubble that can be burst at any time. Cryptocurrencies are volatile in nature and that’s the main reason that people are skeptical about investing in them. But the recent growth has cleared the misconceptions to some extent. In the last few months of the year 2020, the world of cryptocurrency has seen many big companies showing interest in them. And that somehow made people more interested in this investment option.
Especially after Covid- 19 which in turn reduced the value of the normal currency, so people are keeping their faith in cryptocurrencies with their money. And the cryptocurrencies have given them results as well, it has given medium to long-term returns to the investors. They are not just bitcoin, ethereum, Polkadot, etc cryptocurrencies. There are many other types of cryptocurrencies as well.
This article will guide you through all the details of one of these cryptocurrencies and that is Binance Coin.
Also Read : Polkadot price prediction
Binance Coin Introduction
Binance coin is individually listed on the Binance exchange platform with an official symbol of BNB. It was launched in the year 2017 and is based on the algorithm and technology of blockchain. Binance coin is currently based on ERC20 ethereum.
Changpeng Zhao, the founder of Binance’s main objective was to eliminate many problems in trading related to the crypto market. His objective is fulfilled, as today Binance competes with the biggest exchanges in the world.
Binance holds around 1 billion trading volume on a round clock basis. They are also planning to bring a systematic phase-wise process. That will avoid sudden market fluctuations.
Binance coin Features
* It has the facility of inter trading for other digital assets.
* BNB can be used to pay the nominal trading fees and withdrawal fees charged by Binance.
* It uses the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism where multiple nodes like Validator nodes, Witness notes, accelerator nodes, and other types of nodes are used, and all this together with help in transactions, validation, and authentication processes at various stages.
* BNB can be used for other ICO through Binance’s launch program.
Binance coin – Price movements
In 2017, when the ICO of Binance coin was launched it has got a fantabulous response and raised $15 million successfully. Then the year 2019 has proved to be a great year for the coin with a 150% gain. In the year 2020, it was following a downtrend after the pandemic hit the market. After that in the last few months of the year 2020, it started the recovery.
Today the price of the Binance coin is trading at $232.25 that is 1.7% lower.
Also Read : Litecoin price prediction
Future prediction
There is much news related to Binance partnerships that will act as a bullish push for the coin. And the overall market sentiment has also turned bullish after the pandemic, so we can hope that the price of the Binance coin will also increase.
- Price prediction for the year 2021
With the pessimistic view for the coin, we can predict that it will reach $300 on the upside. And if we predict on the downside then it can reach $200.
- Price prediction for the year 2022
If we go by the chart then it is expected that the price of the Binance coin will break the price of $400 by the end of the year.
- Price prediction for the year 2023
BNB’s future looks bright as per the current scenario, so we can predict that the price would cross above $450 levels.
- Price prediction for the year 2024-2025
After 4-5 years from today, the price will be following an uptrend and if that happens then the price would be around $500.
Binance coin’s success will depend on the success of the Binance platform. So the future looks bright for it.
Note – All these predictions are from a personal point of view. A difference of opinion is bound to happen. This article doesn’t guarantee any price movement. We don’t take any responsibility for any kind of profit or loss and don’t give any kind of investment tips. Invest at your own risk.
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