Mark Cuban likes the name Crypto.com Arena – the recently changed name of the former Staples Center – which gives even more social clout to the growing cryptocurrency world.
Naming one of the most iconic sports arenas Crypto.com is a huge step for the cryptocurrency world and the popularity of crypto isn't slowing down.
There are plenty of crypto coins out there to invest in, but which do you start with?
Some currencies you may have heard of, some you have not. From the kingpin Bitcoin to the made popular by Elon Musk Dogecoin, knowing what coin to invest in can be a bit of a challenge at times.
Today, we will take a deep look at Binance coin. Read on to learn the most important features of the Binance coin, the past and current performance of this cryptocurrency, and how the experts forecast it to perform in 2025.
What Is Binance Coin?
Launched in 2017 and part of the largest cryptocurrency exchange, Binance is among the most popular names in the crypto world.
Also referred to as BNB, the Binance Coin is the cryptocurrency issued by the Binance exchange. As of November 2021, Binance Exchange is the largest cryptocurrency exchange in the world. Trading with a BNB symbol, this coin was initially based on the Ethereum blockchain, but it is now the native currency of the Binance blockchain. In addition to this, the maximum number of BNB tokens is 200 million.
An interesting feature of the Binance ecosystem is that every quarter, BNB utilizes one-fifth of its profits and repurchases coins. It also destroys the coins held in its treasury. With this coin, the following uses are possible: trading, transaction fees, credit card payments, loans, payment processing, investment, and travel bookings.
Binance Coin can be used for:
- Credit card payments
- Transaction fees on the Binance Exchange
- Payment processing
- Booking travel arrangements
- Loans and transfers
Binance Coin Past Performance
From its inception till the start of 2021, the price of Binance Coin has not experienced any astonishing spikes. Although it went from $2.20 to $44.28 in these years, the increase was very slow-paced and minimal. However, from the start of 2021, there was a steep rise in the price, taking the value of BNB to $624.08 at the start of April. Soon afterward, there was a sudden drop in the price which nearly halved the value of this cryptocurrency. Following this, two more spikes and one drop were recorded in the price of Binance Coin in 2021. That being said, even at its lowest, the price of Binance Coin in 2021 was far higher than it has ever been before.
Binance Coin Price Today
According to CoinMarketCap, BNB is priced at $662.07 as of 7 November 2021. In the past month, the cryptocurrency has followed a consistent uptrend, going from $424 to nearly $666. Its market capitalization is $111.27 billion, whereas the 24-hour trading volume of Binance is calculated to be $3,070,126,138. Out of the 200 million coins, 166.8 million are in circulation. With such strikingly impressive figures, it comes as no surprise that it ranks as the third-largest cryptocurrency in the market.
Binance Coin Price Prediction for 2025
Although the predictions of the Binance Coin’s price in 2025 largely differ, most, if not all, forecasts predict it to increase by then.
There are sources that suggest the coin will be worth close to $1850 in 2025. This is thrice what the coin is worth at present (November 2021). On the other hand, some very optimistic predictions have quoted values far greater than this. LongForecast predicts that Binance Coin will be close to $3300 in 2025, which is a very high appreciation. Thus, while experts cannot seem to agree on the price bracket for this coin, the outlook for its price in 2025 is highly positive.
Does Binance Coin Have a Future?
Technical analysis and expert forecasts suggest that it is a smart idea to buy Binance Coin. This cryptocurrency has a very promising future ahead. Not only has its price dramatically surged in just a few months, but it is also the host coin of the world’s largest cryptocurrency exchange, Binance Exchange.
The Verdict –
Among the leading cryptocurrencies in the world, Binance Coin is considered a safe and worthwhile investment by experts, with its price expected to rise to nearly $3300 in a few years.
The question you need to ask yourself, is whether or not you want to be patient and play the waiting game. The cryptocurrency market is known to be volatile but the trends are streaming
Josh writes about ways to make money, pay off debt, and improve yourself. After paying off $300,000 in student loans with his wife in less than five years, Josh started Money Life Wax and has been featured on Forbes, Business Insider, Huffington Post, and many more! In addition to being a life-long entrepreneur, Josh and his wife enjoy spending time with their newborn son, their chocolate lab named Morgan, working out, being outside, traveling, and helping others with their finances! In case you were wondering, Josh uses Personal Capital to track his net worth and his first investment account ever was an Acorns account 😎