Binance, arguably the largest cryptocurrency exchange in the world, is said to be undergoing a number of changes in coming months. The exchange is hoping to launch its native decentralized exchange which will allow it to list certain tokens. A structural change is hardly unusual for the exchange after the price of Binance Coin had a successful spell in Q1. This success allowed the digital asset to achieve steady growth.
Binance has faced scrutiny over issues related to adhering to the law. Will such reports after the price of Binance Coin? Will it cause the price of BNB drop after a successful spell in Q1?
Binance Coin Price Prediction: Current Data on BNB Token
Binance coin is backed by the Ethereum Blockchain. Ethereum supports it for now. However, Binance aims to launch its decentralized exchange after its BNB coin owns a Blockchain.
Binance Coin reportedly scores over 9000 % when it comes to ROI (Return on Investment). The digital asset is number 7 on the list of the largest cryptocurrencies by market capitalization. The total BNB in circulation is 141,175,490. The digital asset has a market capitalization of $2,782,823,384 at press time. The value of each BNB stands at $19.71 with a 24 – hour volume of $168,788,795 as at the time of writing.
Binance Coin Price Prediction: Comparing BNB Price Trends
The price of Binance Coin stood at $6 when this year started. The digital asset has been growing exponentially in the past six months. It has been experiencing constant speed in terms of growth in the past 90 days. The price of Binance Coin is almost triple the price it attained from 3 months back. When you consider include the global key players, BNB also grew after the first bloom in April 1 this year. The price of Binance Coin achieved its highest point on 2nd April when it got to $17.96. The growth pattern can also be seen by comparing with the BNB value from the last month.
The market cap BNB coin from March 17 was $2,248,202,358. The value of each Binance Coin was $15.92. BNB’s current market cap is 23.77 % above the cryptos market cap from March 17. A similar amount of growth can be observed in the value of BNB coin against the USD.
Binance Coin Price Prediction: BNB Could Rise to $30 in Q2
Looking at the current trend, experts are said to have predicted the rise of the coin. Quarter 2 may see prices fall somewhere near $30. However, the resistance positions should face between $23 to $25. It may eventually fall for some time and rise again later. Binance spectacular 200 % rise this year may translate to a second 200 % growth in the next quarter. Binance Coin growth rate is typically set to be more than that of the leading digital currency Bitcoin BTC.
Short term Binance Coin holders should play safe because there’s still one major resistance ahead. The price of Binance Coin shows that the coin’s growth rate may not give enough profit to the short term holders. However, the medium-term holders can expect a bullish movement. Long term holders should, however, target above $30 by year-end.