Price History of Binance Coin Makes it worth Trading for Crypto Traders

Price History of Binance Coin Makes it worth Trading for Crypto Traders

Invented in 2017, Binance Coin, or BNB initially aimed to pay trade and transaction fees at Binance Exchange. If you use this digital coin for trading fees, the crypto exchange offers you a 25 percent discount. Investing in BNB tends to be an excellent option because of its variety of uses. Here are some vital aspects of the Price History of Binance Coin that may help you determine how investing in BNB can be a lucrative choice for your portfolio. 

Price History of Binance Coin

The market cap of $53,888,724,956 makes BNB among the top three digital currencies. As of the 17th of September 2021, the Binance coin is worth $410.45 and has a diluted market cap of $60,004,323,831. The coin has a circulating supply of 153, 432, and 897.00, which is 90 percent of 170,532,785 of the maximum supply. 

Binance coin has jumped from $0.10 to $690.93 in May. While it is a notable increase and an all-time high in the price, the coin has seen a recent drop of $410.45. BNB failed to benefit from the bull run of 2017 that witnessed several digital currencies following BTC to new heights. However, it successfully closed the year for $8.63 after initiating at 10 cents per BNB coin. It allowed those traders who purchased BNB in the ICO to earn significant profit by the end of the year. 

Over the years, BNB has gone through slow and fast ups and downs in its price value. The coin continued to progress despite the outbreak of the COVID-19. The year 2021 has become the best time for BNB as it declared the coin the third-largest cryptocurrency after Ethereum. After May 2021, Tesla decided to drop Bitcoin, which caused the price of BNB to fall, although it is still higher than it was at the beginning of the year. 

Factors Behind the Rise 

Several things helped accelerate the Binance Coin’s price at the beginning of 2021, including the Binance Smart Chain or BSC. It is a chain that works like the Binance Chain and promotes DApps, DeFi projects, and smart contracts. While the BSC opened in September last year, it did not receive any significant grip until the beginning of 2021, after the ETH transaction fees met extreme volatility. These fees also skyrocketed, making it hard for DApp to work with the Ethereum network. The inconvenience made many crypto projects shift to the Binance Smart Chain, which offers affordable and less volatility for users. 

Additionally, BNB took advantage of the concept of Bull Run of Bitcoin, which boosted trading activity at the platform of the Binance Exchange and subsequently the demand of the BNB. Most importantly, the stake of more than half of circulating Binance tokens is well known. It indicates that many Binance coins are not on the move. It makes it significantly harder to penetrate BNB and increases the shortage. 

BNB Price Prediction

According to cryptocurrency Price Prediction, BNB is likely to attain the height of $936.94 by the end of November 2021. Some value forecasters have a more cautious optimistic forecast that says that Binance coin could return to a price between $400 and $600 by the end of 2021. DigitalCoin, as one of the most positive predictor, believe that BNB could jump to $596.72, whereas WalletInvestor foresees $567.558 by December 2021.

Benefits of Investing in Binance Coin

Many benefits of BNB coin make it worth buying for many cryptocurrency traders. The support of the leading Binance Exchange and the DeFi Market is playing a bonus role in making this coin worthy of your attention, time, and money. BNB continues to look for ways to leverage from Binance. It is likely to bring about more usages than other digital coins. Cryptocurrency users can employ BNB on the BSC, the Binance Exchange, as well as benefit from its popularity for being on the stake.

Staking allows you to lock up your crypto holding to secure the network and earn rewards, such as more BNB coins. Staking Rewards reveals that Binance Coin is the 7th largest locked digital token in value, whereas more than 50 percent of BNB is already staked. You can also convert your BNB into traditional currency while using it for a transaction through the Binance Visa Card. The emergence of more use cases is likely to increase the demand for BNB coins in the future.