One of the most well-known cryptocurrencies in the world, Binance Coin also remains one of the most promising ones. While it has lost about half of its price recently closely following the overall downward trend on the crypto market, BNB is still considered by both experts and average traders a great choice for investments. In this article, we’re going to explain what affects its price and whether you should be buying it right now.
BNB is a native cryptocurrency created by Binance, the largest crypto exchange in the world. It’s been around for just about 5 years, but now it’s one of the most popular coins on the market, it’s almost like Bitcoin or Ethereum now; simply put, almost everybody knows about it. While the primary function of the coin is to fuel transactions on the exchange, it has many other potential uses: you can pay with it for products and services, borrow money in BNB, or just invest in the coin.
And as for investing in Binance Coin, many people on the market actually think it may be a great idea, even in such uncertain times. There are lots of aspects that affect the price of BNB and potentially can increase it. First of all, there is a built-in burning mechanism: basically, the number of coins decreases over time, increasing its demand. You can also stake the coins to earn some passive income, and this opportunity is also what pushes the price up.
Another important aspect that can increase the demand for BNB is the number of real businesses that accept the coin as a payment method. While many companies already accept it, their number may still be insufficient to make BNB popular enough. The question remains: how high can Binance Coin go?
BNB in the future
The price of BNB has seen a notable decrease: it was worth about $600 in Autumn 2021, and now it’s worth only $300. However, many experts think that it’s a great opportunity to buy cheap. Some of the long-term predictions say the value of BNB will be 500% higher in just a couple of years. There are analysts that think BNB may be worth $1,000 by the start of 2025, and about $2,500 by 2030.
Of course, these estimates are very optimistic, but there are many reasons to think that Binance Coin is actually going to grow, even if just a little bit. Many traders expect it to hit $400 in 2023, and that is already a good reason to buy it and hold. However, you are the only one who can really decide how to invest your money, so make sure to do some additional research on your own.