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Binance Coin will have to overtake its initial all-time highs to make sure that it retains its market prominence
Bitcoin and Ether are two of the most crucial and powerful cryptocurrencies in the market. But among the top-ranked cryptocurrencies, Binance Coin has always been the third-largest cryptocurrency, and currently holds the fourth position. The BNB token is widely used on the Binance exchange, the world’s largest crypto exchange by volume. It is also the native currency of Binance Smart Chain, a blockchain platform that supports smart contracts for use in decentralized finance (DeFi) and other applications. Binance Coin emerged as one of the toughest competitors of Ethereum in 2021 and still continues to be one. Since the BNB token gained recognition for being one of the most deterrent enemies of Ethereum, the crypto has gained several investors, which in turn rose its market prominence. Earlier in 2021, Bitcoin emerged as the most powerful cryptocurrency, driving the growth of the entire market, but there were several altcoins that saw major gains in 2021, benefitting from an outburst of investors’ interest in digital assets and the growth of the crypto ecosystem. Similarly, Binance Coin is among one of the top cryptocurrencies that gained immense strength and were one of those altcoins that actually soared higher than BTC.
According to reports, Binance Coin gained 1,344% in 2021, far outperforming Bitcoin’s 73% and Ethereum’s 455%. Earlier, Binance Smart Chain acquired some market share from Ethereum, which enabled the users to build their decentralized applications and digital assets to one blockchain, among others. Apart from this, other altcoins kept gaining traction throughout the year. But, since the beginning of 2022, there has not been much going on for Binance Coin. In fact, Tether overtook Binance Coin to become the third-largest cryptocurrency in the market. The question is, with all the advanced developments taking place in the crypto market, will the BNB token keep up? Or, will it disintegrate amid other major cryptocurrencies?
Why is Binance Coin worthy of your investment plans?
Well, for starters, Binance Coin is the native coin of the Binance ecosystem, which includes its cryptocurrency exchange, the world’s largest exchange based on daily trading volume. The token can be used to pay for transactions fees on the Binance Smart Chain (BSC), participation in token sales, and digital payments. The exchange users who pay their transaction fees with BNB also receive discounts of 1- to 25%. The platform was primarily designed to support smart contracts, but unlike Ether, the BSC was launched in September 2020 as a parallel chain to run smart-contract-based applications. This has turned into a critical emergence of decentralized finance applications and non-fungible tokens.
Besides, analysts have estimated that the crypto gained more than 189,000% since its launch. Its creators also decided to roll out updates on its NFT marketplace, including new indices such as floor price, market capitalization, volumes, and daily recommendations and ranking boards to enable users to evaluate projects. Earlier, Binance Coin started as an Ethereum ERC token before migrating to the Binance blockchain.
Will it surpass its previous highs to emerge victorious in the crypto market?
For a long time, the BNB token has retained the third position in the crypto market. According to coinmarketcap, the crypto has been hovering over the US$400 mark. But experts predict that the crypto will surge between US$400 to US$600 during the first quarter of 2022. In June, the BNB token is estimated to cross the US$500 resistance and soon hit the US$550 mark. Around the period of July and September, the crypto is expected to reach US$650. So, it is quite evident from these estimates made by key indicators and crypto analysts that the price of Binance Coin is expected to rise, despite the volatility in the market.