BNB is the digital token issued by Binance Exchange, and it gets traded with the BNB symbol. It runs on ETH blockchain with ERC 20 standard. It is expected to fuel the operations of the Binance Exchange and Ecosystem. It supports various functions of this trading platform like exchange fees, trading fees, and listing fees. A user can also use this token in certain ICO’s that are listed via Binance’s Launchpad program.
Current status of BNB:
Current market value: 22.43 USD
Current market cap: 3,166,369,652 USD
Market rank: 7
Circulating supply: 141,175,490 BNB
Price analysis of BNB:
The above chart shows the following information-
- Present trading value: 22.43 USD/0.00393528 BTC (UTC time 4:57)
- Market cap: 3,166,859,049 USD
- 24h volume: 170,482,889 USD
The same chart also makes it evident that approx. 1 month earlier, BNB had a trading value of 18.41 USD. So, within this approx. 1 month, the value of BNB has been increased by 21.83% with 19.71 USD as a good support resistance.
Future price predictions of BNB:
Binance mainnet is already aimed to go live along with Binance DEX as the primary and the main service that will run on top of this. Its blockchain will be governed by dPoS consensus that comprises of 11 nodes and will reach decentralization via pBFT. This is indeed similar to NEO blockchain. Binance’s key objective is its mass adoption this year. Earlier, they although added 50 partners who used BNB in their ecosystem but that did not yield any stunning result on the cryptocurrency. BNB is used for booking flights, hotels and even one can use this as a means of payment for coffee.
According to majority crypto analysts, BNB must focus on expanding its user based to have a solid foundation. Moreover, the crypto market is highly volatile that is adversely impacting the price of BNB. We, taking in consideration of all these facts, believe that BNB’s price can be around $27 by the end of this year.
BNB will be in a fluctuating state due to the intense volatility that is prevailing in the crypto sphere and also due to the fact that it has not been able to grow its users to a large extent. Therefore, at present, it is not worth investing in this.