(Updated November 15, 2019) Recently the market cap for Binance Coin (BNB) managed to surpass Ethereum Classic, NEO and a host of other crypto coins to become the 7th largest cryptocurrency by market cap. It’s something that had the Binance team excited, and they took to Twitter to thank their community and angels for the support. The jump was inspired by several positive developments around Binance and the coin, sending BNB price upward and stabilizing.
Currently trading at $20 BNB price looks to be on the rise again.
Experts’ Opinion On Why BNB Price Will Rise
Binance Coin was among the best performing cryptocurrencies of 2019. From January this year to the end of March, the cryptocurrency surged from $6.02 to $17.29, a 187% increase. Over the past eight months, BNB has been impressive registering gains of over 450%, 80%, and 341% against USD, BTC, and ETH respectively.
Let’s see why experts believe that the coin’s price will continue to rise.
Tomaino, a former Coinbase employee, believes that there is a bullish case for BNB token. He argues that this will remain to be the case of Binance maintains its dominance in the cryptocurrency exchange industry. This is contingent on Binance evolving with improvements in decentralized exchange services. This will see the coin’s price surge.
According to a leading crypto publication, Binance platform has successfully launched several projects, such as the BitTorrent token (BTT) and Fetch.AI (FET) token, and it is also planning to revive initial coin offerings by generating quality tokens with strong user cases, which will encourage massive participation. Such developments will increase BNB’s adoption, and boost its price.
Messari, Binance’s news platform, reported that the ROI for BNB over the last one year was 154%. However, in the last six months, the ROI increased to 560%. Part of the reason is the platform’s strategy of frequently ‘burning’ BNB to constrict supply. As a proven strategy, this shows that the coin’s price will rise.
Additionally, WalleInvestor.com believes that Binance Coin is a profitable investment option. According to the site’s long-term forecasts, an increase is expected. The price prognosis for 2024-06-22 is $71.763. With a 5-year investment, the ROI is expected to be +93%. This prediction is based on previous and current developments on Binance platform, and its future plans.
Other factors that promise to push the price of BNB even higher.
BNB Is Fast Becoming The Next ICO Token
The Launchpad allows projects to issue their tokens on the Binance Chain which offers a simple and less error prone platform compared to writing smart contract code. It also provides the projects a chance to get their tokens listed on the Binance DEX by being voted by the community.
The leading crypto exchange announced the Launchpad earlier this year and promised to feature at least one token sale per month. So far there have been ten which have been a huge success, and this has seen the price of BNB gain massively over the ensuing months with the coin currently trading at $19.
BNB was trading at $6 before the BitTorrent (BTT) token sale began and broke the $10 mark just a few days before the next sale of Fetch.AI (FET). As a result of the increasing demand, BNB has been able to solidify its position in the top ten.
The gains are expected to keep coming the BNB way as more projects will hold their token sales on the platform throughout the year. Up next is the sale of the Celer Network token which will take place on March, 19.
You Can Now Purchase Real Estate Using BNB
On October 10, 2018 Propy, a real estate firm that accepts payments in cryptocurrencies announced that it would take BNB for property purchases. The announcement was made via Twitter, and it had Changpeng Zhao the CEO of Binance excited:
“Propy will accept BNB for home buying! @Binance Chain is coming and $BNB, which is a great store of value today, will turn into programmable money. For the rapidly growing BNB community, we make it possible to invest in real estate with easy paperwork at Propy.”
Propy is a global real estate marketplace that has a decentralized title registry. By adding BNB as a payment option, the team behind the company aims to resolve issues that hamper international real estate transactions.
Also, they aim to create a unified property store and asset transfer platform for the global real estate industry.
Propy uses smart contracts to connect buyers, sellers, brokers, and escrow/title agents/notaries.
This move is significant for Binance Coin because as more people opt to pay for their property using BNB expect its price to rise higher.
Pay For Your Flight Using BNB
Recently Binance teamed up with TravelBit an Australian company to create a point of sale (POS) in airports both locally and internationally. The partnership saw Binance invest $2.5 million in the startup. So far, the company has managed to launch a payment system in Brisbane airport.
With the money invested by Binance, TravelBit intends to set up cryptocurrency payment terminals in other major airports around the world. It’s a move that will accelerate crypto mass adoption.
Currently, the new POS terminals accept only the top crypto coins – Bitcoin, Ethereum and Litecoin. And very soon BNB will be added on that list. What could this mean for BNB price? We’ll have to see, but it could be huge, as the travel industry touches billions.
TravelBit describes itself as the world’s first digital currency airport. Together with Binance, both plan to promote blockchain based technologies globally.
On the partnership, Changpeng Zhao said:
“Real usage is the most important factor on the way to cryptocurrencies’ adoption. It’s difficult to imagine a better example of cryptocurrency usage than traveling as right after you land in a foreign country you can find yourself lack of local currency.”
In conclusion, these three instances serve to show the growing acceptance of the Binance Coin. It’s safe to expect this adoption to be reflected on its price very soon.
In more minor news, BNB continues to see investment interest from different strategies used by Binance.com Some of those include:
- Lower transaction fees when it is used as the transacting cryptocurrency on the Binance exchange.
- Various trading competitions which periodically award BNB tokens as prizes. Binance’s Twitter feed has provided some details of the latest Binance competition which will give out 8000 BNB tokens.
- The global expansion of Binance, which has recently opened an African office in Uganda.
Technical Outlook On BNB Price
The analyst believes that we have one more wave up to complete the count. The volume has continued to increase, and there isn’t bearish divergence just yet on the weekly chart. The supply volume is on the drop in the current blue TR, which was low, followed by much stronger demand volume on the bounce. That seems much more likely to make a Spring rather than SOW, which would make this re-accumulation rather than distribution. Weekly Stoch RSI is also just leaving oversold. So, it seems that we might have a finishing move up before a larger correction. I’m looking for price to target the R4/R5 pivot area, but am open to seeing this final wave over-extend and head even higher.
Cryptoriate says that BNB has maintained a stronger outlook amid the impending news about many altcoins which could not be available to US customers from Sep 2019.
The coin has managed to rally from $4 in Dec 2018 to $37 in Jun 2019. It is currently trading around $21. BNB uptrend is intact, and it could prove as a good buy in upcoming months due to its utility and fundamentals of the Binance Exchange.
BNB is performing much better against BTC as compared to ETH. The overhead resistance is at 0.03. The possible support levels are the fibs highlighted in the chart.
After successfully managing to predict BNBUSD buy zone correctly, the analyst now believes that the dead cross is about to happen. If it happens, prepare to grab some BNB between $14 -$18.
Interestingly, the analyst had already informed us about the downtrend when BNBUSD was around $30.
Therefore, the analyst advises that you should save your money and continue equiping yourself with knowledge on future BNB price movement as the BNB/USD pair is has great potential in the Long term.
The analyst, long term target, lies between $100-$200.
It’s clear from the above analysis, expert opinions and the general bullish mood within the crypto market that this would be the perfect time to get your hands on some BNB. Especially now that the market has retracted as it prepares for the next rally as we move closer towards the final quarter of the year.