Is Now A Good Time To Buy Binance Coin?
Has Elon Musk Created A Huge BNB Buying Opportunity?
- Binance Coin could be worth up to $2,862 in five years (2027), according to Coin Price Forecast, an increase of +456%.
- Elon Musk announced that Tesla would no longer accept Bitcoin. Since then, BNB has been consolidating new support and resistance levels.
Buying Binance Coin now could be one of the best investments you ever make. The third-largest cryptocurrency by market capitalisation is roughly half its all-time high, presenting traders with an excellent buying opportunity.
At the time of writing, BNB is priced at $514, much lower than $690.93, which it reached in the bull run of 2021.
And there is major hope that it can reach that high point again, meaning right now is a great time to buy.
But let’s also look at what makes Binance Coin so great.
Why Is Binance Coin So High?
Binance Coin is so high because of the Binance Smart Chain (BSC), a parallel chain for DeFi services.
Launched in September 2020, the BSC didn’t gain major attention until February 2021 when Ethereum transaction fees spiked.
Further to that, the Binance Exchange is the largest crypto exchange in the world. At the time of writing, it has a 24-hour trading volume of over $15 billion.
That’s more than five times more than Coinbase Exchange, the second-largest exchange, at $3.7 billion.
BNB was actually created to be used as a utility token on the exchange. Traders would receive a discount on transaction fees if they paid with it.
So, you have the biggest exchange during one of the biggest bull runs - it’s definitely going to pump up the demand for BNB.
Will Binance Coin Go Up?
Binance Coin will probably go back up in 2022. You could perhaps say that at the moment it’s in a recovery stage, consolidating new support and resistance levels. From that point onwards, BNB could springboard back into action.
The cryptocurrency market went down when Elon Musk announced that Tesla would no longer accept Bitcoin as a payment option.
He explained that the primary reason was that Bitcoin mining was harmful to the environment.
Musk announced via Twitter:
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions”.
It was a huge blow, but there are important things that should be explained. Firstly, if you compare cryptocurrency mining to the current financial system, it isn’t that significant.
Secondly, Musk is influential, but he will not stop people from trading crypto. And, finally, BNB is not BTC! Not all cryptos are the same.
So, there is no major barrier in the way right now for BNB not to grow.
What Is The Future Of Binance Coin BNB?
The future of Binance Coin BNB looks promising with most price predictors forecasting a rise in price for the next few years. Cryptocurrency Price Prediction thinks BNB can reach $21,866 by December 2030!
It should also be noted that Binance, the company, does a lot more than provide a cryptocurrency exchange and BNB. They’re looking to get into DeFi in a big way and stay ahead of the market.
This has led them to experiment with other kinds of crypto-related products and services. One key service they offer is BNB Vault, which allows traders to ‘stake’ their BNB tokens and earn interest.
These ‘staked’ BNB tokens can then be borrowed by others. In the future, we will likely see more people using BNB for staking and lending services.
Binance introduced the Binance Card, a Visa debit card that converts your crypto into fiat when you make a transaction. We may see more innovations like this in the future and they could fuel an increase in BNB’s price.
What Will Binance Coin Be Worth In 5 Years?
Binance Coin could be worth up to $2,862 in five years, according to Coin Price Forecast, an increase of +456%.
Elsewhere, WalletInvestor gives Binance Coin a five-year forecast of $3,167, which is more bullish than the others.
With these in mind, we can assume that BNB may cross over $1,500 at some point in the next five years.
Is Binance Coin Worth Buying?
Yes, Binance Coin is worth buying. Binance Coin is one of the top coins and dominated the top three at the beginning of 2021.
Binance Coin has several use cases already, including the BSC and as a discount token. This makes BNB less speculative than other cryptocurrencies that haven’t delivered major promises yet.
It should be noted that though BNB lost a lot of value, it is still up massively from the beginning of the year. BNB started trading in 2021 at around $37.44.
This suggests that BNB has the potential to keep going up. Despite the volatility, in the long-term, BNB is appreciating.
If the Binance Exchange remains popular and the BSC remains the second-largest DeFi network, BNB is a good buy.
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- Binance Coin is roughly half its all-time high and seems to have the potential to recover.
- BNB declined in price, like much of the crypto market, when Tesla dropped BTC.
- The Binance Smart Chain is the primary reason BNB rose in value in early 2021.
- By 2027, Binance Coin could be worth up to $3,167, an increase of 516.15%.
- However, most predictions put BNB between $1-$2k in the next five years.
- Staking BNB is likely to grow along with other Binance crypto services.
- The strength of the Binance Exchange and the BSC make BNB a good buy.