What Will Binance Coin (BNB) Be Worth in 2020?
Do you imagine a world where cryptocurrencies dominate all other currencies? Every day a horde of crypto developers is hard at work upgrading the industry with unique and useful features. One result of such hard work is Binance coin (BNB), the next-generation cryptocurrency of the Binance ecosystem. The coin is fast, liquid, and secure making it a trusted digital asset for millions. Today, we will go through the ins and outs of Binance coin to answer the question: Is BNB coin a good investment?
What is BNB?
In 2017, the Binance platform created its very own Binance coin or BNB. It is a utility token best for discounted trading fees. It has the following use cases:
- To pay trading fees on the Binance exchange.
- To participate in token sales hosted on the Binance Launchpad.
- To pay multiple vendors.
- To power BinanceDex.
The primary motivation behind the creation of BNB was to facilitate the easy payment of withdrawal fees, trading fees, or any kind of fee on the platform. To encourage traders to buy BNB, Binance provides special discounts for users of the token. BNB has many other uses as well, however, such as paying travel expenses and buying virtual gifts. The standard fee for trading BNB on Binance is 0.1%. But the actual trading fee is determined by monthly trading volume and the user’s BNB holdings.
Binance coin is a great technological achievement with a great number of useful features. Below, we discuss more about Binance coin by going through some BNB analysis, the coin’s market cap, and its price prediction.
BNB Price: What Does It Depend On?
Binance coin launched an Initial Coin Offering (ICO) in 2017 and raised $15 million. The Binance coin price today near the $16 range. Using a BNB to USD calculator we calculate that for every 1000 USD you receive around 59-60 BNB coins.
Price changes in assets like BNB are generally dependent on a variety of factors. These include new technological adoption, popularity, press coverage, and regulation. Before investing, traders must keep apprised of the latest news on a consistent basis. Because BNB is the native ERC-20 token of the Binance platform, there are also a few unique factors that drive the value of the asset.
As an example, the price of BNB rises as the number of different tokens it is paired with increases. This is because it is a facilitator for other cryptocurrencies. Traders also have the opportunity for receiving a “double bonus” for referrals once they hold more than 500 BNB. In addition, holding BNB provides traders with voting rights in the Binance Community Coin voting scheme, enabling them to influence the number of coins added to the exchange — a great way to impact the overall pricing mechanism.
Binance Coin Price Prediction 2020
Crypto researchers and specialists expect that in the near future BNB will be listed as one of the leading cryptocurrencies in the world. The price of BNB demonstrates an increasing trend in terms of major trading pairs like BNB/USD, BNB/BTC, and with other altcoins.
However, experts have given mixed signals about Binance price movement. Nonetheless, most news about BNB covers the potential growth of the currency. There is also a strong indication of growth in the Binance price prediction. In the last 5 years, the BNB to Bitcoin price has grown substantially. Below we will provide a picture of some of the major price predictions for BNB in 2020.
Wallet Investor predicts that Binance coin will see a rise in value, noting that the price could increase up to $23.016.
Coin Fan lists a BNB price prediction of $117.78185 by the year’s end.
Trading Beasts estimated an average price of $13.502, which should be reached sometime in December 2020. However, this conservative prediction may well have been impacted by the current global pandemic.
Moreover, DigitalCoinPrice also listed a rise in BNB’s price in 2020.
The long term forecasting of Binance coin’s price in Tradingbests.com has been described here.
They have prepared all of their predictions based on daily working historical data, employing linear and polynomial regressions.
- May 2020, the expected month-end price of BNB is $15.192 with a minimum of $12.913 and a maximum of $18.990.
- June 2020, the expected month-end price of BNB is $15.082 with a minimum of $12.820 and a maximum of $18.852.
- July 2020, the expected month-end price of BNB is $14.942 with a minimum of $12.700 and a maximum of $18.677.
- August 2020, the expected month-end price of BNB is $14.757 with a minimum of $12.543 and a maximum of $18.446.
- September2020, the expected month-end price of BNB is $14.526 with a minimum of $12.347 and a maximum of $18.158.
- October 2020, the expected month-end price of BNB is $14.252 with a minimum of $12.114 and a maximum of $17.815.
Considering all the above predictions, we can expect that the BNB/USD price will likely settle somewhere around the $20-$30 range in the year 2020.
BNB Long Term Price Forecast
BNB is expected to take on a major role in the domain of digital assets within a few short years. Nowadays, any cryptocurrency trader can trade BNB by pairing with more than 400 other currencies. Some of the following factors will drive the long term BNB price increase:
- Adaptability in the cryptocurrency markets
- Innovation, product, and services extension
- Quarterly BNB burns
- IEO extension
Below are some of the long term price predictions for BNB, both bullish and bearish.
DigitalCoinPrice has estimated BNB’s price in USD will be $36.51 in 2025. They provide a Binance coin market forecast from 2020 to 2026, indicating a rising pattern in the next 6 years.
The Binance coin prediction of Trading Beasts was forecasted for the next 3 years. The year-end average prices will be $18.266, $25.393 and $30.782 in 2021, 2022, and 2023, respectively.
The long term Binance token price published by Coin Fan indicated a volatile market for BNB in the next 5 years. The price ranges are:
- December 2021, the expected minimum price is $1500.7698 and the maximum price is $1917.6503.
- December 2022, the expected minimum price is $28.9962 and the maximum price is $37.0507.
- December 2023, the expected minimum price is $62.0127 and the maximum price is $79.23845.
- December 2024, the expected minimum price is $157.8951 and the maximum price is $201.75485.
- May 2025, the expected minimum price is $169.0461 and the maximum price is $216.00335.
Ultimately, it is unclear exactly where the Binance USD current price is heading over the next five years. However, since the majority of the price predictions indicate a steady increase in price, we can conclude that investing in BNB over the next 5 years is a good option for digital asset enthusiasts.
Where to Buy BNB?
So far we have covered a lot of information about Binance coin that might increase your interest in purchasing it. This section will answer your question – “where can I buy Binance coin?”
Like other cryptocurrencies, you can buy BNB from exchanges that facilitate trading between BNB and other currencies. Many reputable cryptocurrency exchanges allow users to buy and sell BNB in exchange for other cryptocurrencies and fiat currencies. Some exchanges also offer free BNB tokens. Below is a snapshot of the options available to you:
CoinSwitch primarily focuses on simple and easy trading. You can easily buy Binance coin with a credit card or with USD. The platform also offers the option of depositing cryptocurrency in exchange for BNB. The CoinSwitch platform is unified so they are able to provide the best rates for the customers.
Paybis is a great alternative to the more well-known crypto exchanges. They are known for fast payouts, incredibly low fees, better packages, the quickest ID verification, and 24/7 support. Paybis allows you direct BNB payouts, so you can get coins without any waiting. You can also access the worldwide access feature which allows you to buy BNB from more than 180 countries and states.
ChangeNOW is a fast-growing exchange where you can easily buy and sell BNB. The platform is known for its maximum security, smooth simplicity, and great user experience. The exchange accommodates 170 coins which can be exchanged using fiat, cryptocurrency and credit cards.
To buy BNB from ChangeNOW you can follow these easy steps:
Step 1. Go to the ChangeNOW home page and choose the currency pairs. Enter the amount you want to exchange.
Step 2. Enter the Wallet Address for receiving your coins.
Step 3. Check the confirmation page and press the confirm button.
Step 4: Once the transaction has been confirmed, the amount of purchased BNB will be sent to your address.
And that’s it. It’s that easy.
To conclude, the past few years have seen a rise in the popularity of Binance coin. More acceptances mean more transactions and more growth in the future. Although the Covid-19 pandemic has had a negative impact on the price of Binance coin, our analysis demonstrates that professionals have high hopes for the rise of this digital currency in the near future.