What you should know about the Binance coin?
Binance coin or its abbreviated name BNB was released in 2017 as a cryptocurrency supporting the Binance Chain ecosystem. Binance exchange is used by more than 90 million people with access to more than 600 different types of cryptocurrencies. The platform was developed by 3 people Changpeng Zhao, He Yi, and Roger Wang. They are famous for different things but in the same field - cryptocurrency. You may be curious how the name Binance came about and the answer is pretty simple. Let's make a quick cryptocurrency overview. This is because the platform is based on the idea of binary finance. The user can use the BNB token to pay for transaction fees on BSC and participate in token sales and digital payments. The Binance platform has a low tax and it is precisely for people using the BNB token that there is an opportunity to pay for them with this coin and receive a discount from 10 to 25%.
How did the exchange rate of the Binance Coin change?
When the coin was launched on the market, back in 2017, the price ranged from $1 to $30. This happened until 2021. After that, the price to buy cryptocurrency increased sharply and on May 10, Binance Coin reached its maximum of $690.93. To date, the coin has not crossed this mark. Starting from the end of January 2022, the coin fell variously, and to exchange cryptocurrency you have to pay around $371.37. This period of a sharp decline in cryptocurrency prices has not only affected Binance Coin but many other cryptocurrencies as well.
The value of the coin is not stable. At the beginning of March, there was a visible jump up and the price appeared at $408.48, but by the middle of the month, it had fallen again to $360.30. On April 5, the cryptocurrency market saw a significant increase in value, and Binance Coin did not miss it. At that time, its price was $459.81, but it did not last long and its value fell. At the time of writing, Binance Coin is valued at $234.29.
Price prediction for the end of 2022
Binance Coin (BNB) shows a decline in the last few days and accordingly the price to buy cryptocurrency is falling. There is a possibility that the value may fall to $184.1. If we look at the value of the coin in the long term, it will please cryptocurrency owners and people who want to start investing, because the forecast is positive. According to USA/EN CoinMarketCap, in 2022, Binance Coin (BNB) may reach a mark of almost $700, which will exceed its all-time high. If you want to buy BNB coin, then you should do it now because the first part of the year will not show sharp rises and the price will not exceed $250, but in the second half of the year optimistic changes are expected and the price will grow. Accordingly, it is better to invest now, and trade accordingly later.
It is worth remembering that cryptocurrency markets are not stable and exchange rates for coins can change very sharply, so it is difficult to predict whether the cryptocurrency exchange will go up or down sharply. If in the short term it is still possible to give more accurate forecasts, then in the long term it is almost impossible to do so, because many factors affect the value of the coin. People who deal with forecasts can make mistakes and that's normal.
If you have planned to buy cryptocurrency, then a good decision will be to study the market yourself. There are many platforms where cryptocurrency topics are the main ones, and that's where you can get the knowledge you need to make an analysis from different angles and hear an expert opinion. Never invest your last funds in cryptocurrency, because, as trends show, it is always an investment for the future, and not a way to make money immediately.
WRITTEN BYSiarra K