In continuation of our cryptocurrency series of investigations at Digital Wager Wire, we look at whether Binance Coin (BNB) will go above $215.5 by the end of the year, and how this may affect betting with crypto.
Binance Coin History
The growth in the digital world of cryptocurrency has seen Binance become one of the most popular exchanges in recent years. The Binance Trading Exchange was founded in 2017 by Changpeng Zhao and has grown rapidly, currently employing over 7000 employees.
The released Binance Coin is issued on the Binance exchange and trades under (BNB). Interestingly, BNB was originally founded on the Ethereum network in 2017 but became Binance’s network currency in 2019 as a discounted trading fee coin and completed a staggering $800 million in daily volume on many occasions.
With its growing popularity, the uses of the coin have widened over time, making it commonly used in everyday transactions for expenditures such as entertainment, travel/holiday bookings, financial services and many other online services.
Binance Coin Trends
Introduced to the financial markets, in mid-2017, the rise in the value of Binance Coin was excellent from day 1, with a value of $10 after a year and then $35 after two years. It then stayed constant until the start of 2021 and then began to rise in line with the industry upswing, hitting just under $600 by April. Immediately the crash and slump in value came in line with the industry but like Bitcoin, its second peak was its biggest six months later when it went over $660. Since that time, we have seen an industry slide of between 75-80% loss that the coin shadowed but now with industry confidence slowly returning, it is steadily on the rise again to the current price of $244.45.
Binance Coins Rules and Limitations
At the end of every quarter, Binance uses 20% of their profits to repurchase the coin with the purpose of destroying it from their treasury.
Effectively, the rules behind Binance Coin are the rules of the Binance exchange and importantly, governed by the digital giant.
In terms of market, Binance Coin ranks very highly –in fourth place – with the ceiling set at $36 billion.
Binance Coin Reputation
There is no arguing with the good reputation that Binance Coin has gained over time, which is fundamentally because of the increased usage for a wider range of financial markets. BNB’s reputation grows hand in hand with the exchange it operates under (Binance) whose own trustworthiness has come under scrutiny in recent years but passed those tests with flying colors.
Our charge at Digital Wager Wire was to analyze whether Binance Coin will go above $215.5 by the end of the year. At the time of writing this article for Digital Wager Wire, the price of Binance Coin was $244.45 and comfortably holding its value in the markets.
Conclusion
In summary, on the subject of Binance Coin and whether its end-of-year price will be above $215.50 seems one of the easier predictions for us at Digital Wager Wire to be confident in.
Binance has a very strong reputation in the industry, and while that continues, so will the success of BNB. Importantly, the coin has such a wide range of usage, and therefore familiarity, that confidence will grow hand in hand.
What is really confidence-building for anyone looking at Binance Coin is the success of the exchange, because in that context, the coin reflects the exchange’s growth and trust levels within the industry.
For those reasons, short-term trading looks like a very good option for those in possession of the coin or are looking to buy and sell. Long term, there appear little problems, unless Binance comes under some unknown scrutiny and a scandal of the future.
In our opinion, Binance has already suffered turbulence from significant scrutiny in the digital industry over recent years. The exchange has come through it in better shape, having proved their doubters wrong. In comparison to many of the cryptocurrencies we have investigated, we are confident in Binance Coin’s value and expect it will easily be above $215.50 by the end of 2023.
