BNB is a well-recognized digital coin in the crypto space, founded in 2017 through an Initial Coin Offering (ICO), and since then, BNB has transformed into one of the favourite crypto options for investors, as it is the fourth-largest virtual coin by market capitalization. Recently, Binance Coin has shown impressive performance in the crypto landscape and has surpassed other digital currencies on the list of cryptocurrencies. But will BNB prices continue to rise in the future, or will they drop? Also, as Bitcoin is the crypto king, when its price changes, so do the prices of other cryptocurrencies. So, to have a better look into the future of the Binance Coin, we also need to consider the Bitcoin price prediction.
In This Article
A look at BNB History
Binance Coin (BNB) is the native token of Binance, one of the most popular crypto exchanges, and even though Binance Coin wasn’t always in the spotlight, BNB always showed an impressive performance in terms of ROI. BNB was launched in 2017, as a utility token, but after that, its applications have expanded greatly, and now it can be used to pay transaction fees on the Binance DEX, BNB Smart Chain, and BNB Beacon Chain, as well as for online services, entertainment, travel bookings, and financial services.
BNB coin was developed through an Initial Coin Offering (ICO), where 100 million BNB tokens were available for public sale, from which Binance raised $15 million. From this amount, 50 % was used for marketing purposes, 35 % to improve the exchange itself, and the rest of 15 % was kept for emergencies.
At first, BNB was developed on Ethereum as an ERC-20 token, but in April 2019, Binance launched its blockchain network, named the Binance Chain, and migrated the native coin from Ethereum to its new platform.
What was the value of BNB in the past?
The first recorded price of BNB was $0.15, but less than six months after its launch, BNB’s price reached $9, and in the following months, BNB had a value between $10 and $20, reaching $37 in July 2019. But soon after this event, the virtual coin moved again to the $10-$20 range.
Then, Binance launched its Binance Smart Chain (BSC) in September 2020, representing an Ethereum fork, where the developers copied the open-source code of Ethereum and added a few improvements to make it more suitable for their preferences and goals. This blockchain was considered a better version of Ethereum, as it allowed faster transactions and lower fees, which is why it became so popular among developers and users. Because of all the benefits of the blockchain, BNB emerged as one of the most explosive digital coins, reaching an all-time high of $690 in May 2021.
After that, the price stayed high for some time, but then it bounced to $279. In 2022, the Binance coin lost value and dropped to $196.
BNB price prediction for 2024
The BNB price has recovered remarkably after a short-term downfall, and now it is experiencing growth and it is trading at $310. However, the price of BNB is still low compared with 2023 highs. Still, as the Binance exchange is the largest crypto exchange by volume and remains one of the most reputable and popular centralized exchanges, the price of its native token could experience growth in 2024.
As BNB has regained the $300 mark, its value will most likely stabilize and reach a $400 value. The upward trajectory in its price can also be a reason for increased interest in the DeFi industry. Additionally, if the DeFi industry continues to grow, then the BNB Chain could become even more popular and increase the demand for BNB and the TVL. If that happens, in 2024, the value of BNB could reach a high of $1041, but at the same time, if the economic factors are not prosperous, then the BNB cryptocurrency can have a low value of $480, where the average price could range at $710.
BNB price prediction for 2025
Many crypto events will surely happen in 2025 as well, which could mean that the landscape in the crypto market can remain bullish and show a future market recovery. Although BNB could perform poorly because of regulatory pressure, things might also be positive, as the huge influence and size of Binance, together with the massive institutional interest in digital coins, could offer a bullish outlook for the Binance Coin in 2025.
The future can be positive for BNB, especially because this coin powers the Binance Smart Chain network, meaning that users need this cryptocurrency for gas fees required when transacting on the exchange. Additionally, because the BNB Chain has a Proof-of-Stake (PoS) consensus mechanism, validators need to hold BNB for the staking process, which allows them to earn block rewards.
Not to mention that BNB offers users from Binance numerous benefits, including earning free tokens in new projects and obtaining trading fee discounts. However, the blockchain has some disadvantages, and some see it as more centralized than the other networks. For example, the consensus mechanism on the Binance Smart Chain is called “delegated Proof-of-Stake”, which holds only 21 validators on the blockchain. Even if this feature makes the network cheaper and faster, it also makes BSC a more centralized alternative than the other platforms, including Ethereum, which can have over 700,000 validators.
Conclusion
At the moment BNB performs well, and it is in the top 10 cryptocurrencies that people invest in, bringing plenty of other advantages to the users of Binance exchange. So, the future of this coin can be bright, and the prices can increase as more individuals are interested in digital coins.
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