Therefore, we predict a minimum Binance price of $250 and an average price of $365 by the end of 2024. However, there is also the possibility Binance has to halt trading is several countries. Providing this occurs, our BNB price prediction estimates a potential high of $480 by the end of 2024. If Binance continues as the number one crypto exchange globally, we will see BNB make a recovery. Overall, Binance’s ability to work with regulators will be the key driver of BNB’s price in 2024. If this occurs, we will likely see the BNB price crash since BNB is closely tied to the exchange, as we will explain shortly. That said, if Binance cannot reach an agreement with regulators, it may have to halt trading in many different countries. However, considering Binance is the leading crypto exchange worldwide with extensive resources at its disposal, it will likely be able to reach an agreement with regulators. The outcome of Binance’s case against the SEC and its relationship with other global governments is unknown. This illustrates that Binance is aiming to operate in line with local government regulations, potentially adding to its long-term potential. While this may seem like bearish news, Binance has said it will continue to work with Dutch regulators. With this in mind, our BNB price prediction estimates an average price of $170, with a potential low of $120 and a possible high of $220 by the end of 2023.Ī further development in the ongoing battle between crypto and global regulators is that Binance has halted trading in the Netherlands after being unable to register as a virtual asset provider. However, with the crypto markets expected to pick up in 2024, we expect BNB to deviate below the support and revisit its current zone in Q1 2024. Considering the short-term fundamentals do not look good for BNB, it is certainly possible for the price to break below soon. Therefore, our overall fundamental bias for the Binance coin is bearish/neutral for this year, but it is also important to consider the BNB price chart to find our price targets.īNB is currently trading around a key support level, and breaking below it could prove catastrophic for the coin. The SEC’s lawsuit against Binance will likely be ongoing for months or years, meaning much of its price will be driven by speculation on how the case may unfold. With the coin already in a downtrend, combined with regulatory uncertainty, it is unlikely Binance will be able to recover any of its losses this year. If the Binance exchange can no longer operate in the US, this will remove a large chunk of liquidity from the BNB ecosystem. One of the main selling points of the BNB coin is that it is closely tied to the Binance exchange. The recent lawsuit by the SEC presents a significant issue for the BNB coin. Currently, BNB is priced at $237.18, down 65% from its ATH.BNB soared following the BSC launch in September 2020, reaching an ATH of $690 in May 2021.The price reached $9 within six months of launch.Initially, BNB launched for $0.11 in its ICO.This has caused a sharp decrease in BNBs price, which is down 23% in the last month and 65% from its ATH. However, the SEC recently sued Binance, accusing it of selling unregistered securities and mishandling customers’ funds. Since touching $196, the price of BNB has consolidated. However, in line with the broader crypto market, the Binance coin began to lose value heading into 2022, dropping to a low of $196. This led BNB to become one of the most explosive cryptos, surging to its ATH of $690 in May 2021.įollowing its ATH, the price quickly plunged, before bouncing to $279, then making a brief recovery. BSC was an Ethereum fork, meaning the developers copied Ethereum’s open-source code and implemented some changes to make it more suited for their goals.īSC offered lower fees and faster transactions than Ethereum, making it an instant hit for users and developers alike. In September 2020, the BSC was created, and a BEP-20 version of BNB was released. Then in the following months, BNB stabilised between $10 and $20 before reaching $37 in July 2019 and then heading back to its $10-$20 range. Less than six months after its launch, in December 2017, the price of BNB had already reached $9. Following its ICO in June and July 2017, the first recorded BNB price on CoinMarketCap was $0.1015. The ICO price was denominated in ETH or BTC, equating to around $0.11 per BNB coin. The BNB token was first issued as an initial coin offering (ICO) and quickly became one of the best ICOs at the time. According to Zhao, the BNB coin sales were the only funding he received to assist with building the Binance exchange.īNB (formerly Binance Coin) launched as an ERC-20 token on the Ethereum blockchain, later moving to the Binance Smart Chain (BSC). The BNB coin was created in 2017, shortly after Changpeng Zhao created the Binance exchange.
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