Binance Coin price all-time growth, via Coinbase
Binance Coin (BNB) was one of the cryptocurrencies that were among the most rewarding during the last bull run that took place in 2021.
The coin went from $30 back in December 2020 to over $670 in May 2021. Even after crashing down to $300 in mid-2021, it once again skyrocketed near its ATH in November of the same year.
Of course, a year-long crypto winter in 2022 made it lose more than half of its value, even pushing it down to $215 at one point. However, the token was very quick to recover and slowly started gaining value over the months, leading to it crossing the $500 mark in just a few weeks.
What this means is that Binance Coin, or BNB as it is now known, has tremendous potential, and the next bull run will most likely take it further up than ever before.
Of course, that is only speculation, although historical data shows that it is to be expected.
For now, let us put predictions about the future to the side, and explore BNB and its price in detail in order to see what kind of a cryptocurrency it is, what it has been through so far, and whether or not it is a worthy investment.
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Being one of the largest cryptocurrencies in the crypto industry, Binance Coin is a highly demanded asset.
Its volume often averages at $1 billion or more, which is extremely impressive for a crypto that simply started out as the native token to an exchange. As the native cryptocurrency of Binance exchange, its two blockchains, and multiple other Binance-issued products, it is easiest to obtain it on the exchange itself or on Binance’s personal decentralized exchange (DEX).
Alternatively, if you prefer to purchase it through a traditional broker, you could also do it on eToro, which offers traditional and crypto assets alike.
Crypto Price discussion / social forum on eToro
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Apart from that, eToro also offers a comprehensive trading experience, excellent features, expert opinions, price analysis, and more. All of this makes it a very attractive option for those who want to have a portion of their portfolio in crypto but also diversify it by adding traditional assets and vice versa.
Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
Why invest in BNB?
There are several reasons why you might want to consider investing in BNB, as the coin did not reach this level of popularity and height without any utilities.
For example, it is very stable for a cryptocurrency, and compared to most other cryptos, it lost fairly little during the crypto winter.
Bitcoin went from $69,000 to $16,000, while BNB went from $671 to $215 during the mega dump several months ago. This makes its performance slightly better in comparison, if we do not take the market cap into consideration.
Furthermore, BNB recovered more quickly than Bitcoin. The world’s largest crypto exchange also backs BNB, and it runs as a native cryptocurrency on two different blockchains — Binance Chain, and Binance Smart Chain.
While the coin is somewhat more stable than most of its peers, there is still volatility that allows traders to earn from day trading, while its long-term predictions are mostly positive, expecting BNB to bounce back up toward its ATH and likely beyond in time.
Also, since it runs on Binance Smart Chain, it is the main asset for paying fees for all transactions on a blockchain that is rich with DeFi and dApp projects.
It is also the only asset that can be used on Binance Launchpad and other blockchain products.
In other words, BNB has a great number of utilities in Binance’s expanded ecosystem, which gives it value to both those who mean to use it and those who mean to trade it or invest in it.
Binance Coin price history
BNB is launched in July 2017 under the name of Binance Coin, and for the next few years, its price grew very slowly, with $30 being its biggest resistance level between 2017 and 2021.
However, in 2021, things changed significantly for the coin, as it got strongly involved with the bull run that Bitcoin kickstarted in late 2020.
The coin skyrocketed with the rest of the crypto market, going from $40 on January 24th, 2021 to $671 on May 12th.
After that, the price crashed to the support level at $300, which happened around the same time when Elon Musk announced that Tesla will stop accepting Bitcoin due to its carbon footprint.
Bitcoin itself, as well as the rest of the crypto industry crashed, and BNB was no exception. However, a few months later, the prices started to recover, and BNB once again skyrocketed, reaching the price of $654 on November 9th.
Binance Coin price history, via Binance and CoinMarketCap
Mere days later, the crypto bull run of 2021 ended, and a year-long crypto winter kicked off. BNB, as well as the rest of the crypto world, started collapsing, with BNB hitting bottom on June 18th, when it dropped to $215.82.
In the second half of the year, the coin actually made some recovery. It made several attempts to go back up, running into resistances, such as at $330 and $355.
Meanwhile, it also found a major support at $250, which held it from going back down after recovering from the initial drop.
As soon as 2023 started, however, the coin surged once again, hitting $305 on January 15th, and $333 on February 8th.
It corrected to $275 after that, only to surge once more and hit $335 on March 22nd. After this, it plunged in value once again and was priced at around $211, before a major reversal happened, which witnessed BNB’s price seeing a meteoric rise in value, despite it being steady and slow.
In 2024, the token barely saw any major dumps, and even managed to break its earlier all-time high and record a new one at about $694. While the price corrected slightly after, investors still seem very bullish about the token even now, and speculate it to cross the $1000 mark soon.
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How is the price of Binance Coin (BNB) determined?
Unlike stablecoins, BNB is not backed by real-world assets of value, like fiat currencies, gold, oil, or any other commodity.
Instead, its price is based on supply and demand, just like that of other cryptocurrencies. However, multiple factors can affect the price of a cryptocurrency, including the following:
Market cap
A cryptocurrency’s market capitalization, or market cap, plays a very big role. It helps investors determine how big and valuable the project as a whole is, meaning how much money is in it.
You can calculate the market cap of any asset by multiplying the number of coins in circulation by the price per unit.
Regarding market cap, BNB is the fourth largest cryptocurrency in the world, which makes people interested in it.
Once they learn of its use cases and possibilities, they may choose to invest in it, themselves, thus adding more money to the pile.
Supply and demand
As mentioned, supply and demand play a massive role in determining the value of a cryptocurrency. You might even say that they play the central role since everything always comes back to how much people want an asset and how much of it is available.
Simply put, the scarcity of any asset of value is directly impacting its price. If it is useful and there is little of it compared to the number of people who want it, it will always be valuable.
That is the universal law of supply and demand. If it is useful but there is plenty of it, it will be much cheaper. It will also be cheap if it is not useful, regardless of whether there is much of it.
This is why utility is always the main aspect of a cryptocurrency that everyone, from developers to investors and traders, needs to focus on.
Scarcity can play a big role in making an asset more valuable, which is why Binance tends to burn its tokens on a regular basis. Token burning is a process where the tokens get locked up in a smart contract, which can never be retrieved.
This reduces their circulating supply and ensures that the remaining BNB will become more valuable, simply on the basis that there are now fewer of it in the world.
Regulations
Another thing that is out of Binance’s control entirely is laws and regulations in different countries.
For example, if a country passes a crypto-positive bill, chances are that the price of digital assets will grow, and that includes BNB.
However, if Binance ends up banned in some countries or its banks stop allowing users to send funds to the exchange, that will reflect negatively on the BNB price.
This happened a few years back when a number of countries saw their central banks and regulators crack down on Binance when they realized that it was offering tokenized securities without the proper license to do so.
Binance responded by removing the assets, and hiring more people for its compliance team, significantly improving its image along the way.
Binance’s decisions
Binance’s decisions play a massive role in whether its cryptocurrency is viewed as desirable, which is not difficult to understand.
If the exchange is making bad moves, of course it will reflect on its coin since it going down would probably mean that BNB will lose its utilities and become a worthless asset.
This is why it is crucial for Binance to think its moves through and not do anything that would be contrary to the laws of the countries in which it operates or controversial in some way.
The exchange’s moves directly impact its reputation, and its reputation impacts the desirability of its coin, which leads to changes in its price.
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How often does the price of Binance Coin (BNB) change?
As mentioned, BNB price is not stable since the asset is not backed by any other real-world commodity or other assets of value.
As such, it changes with demand, and since the coin is traded around the clock, its price changes constantly.
With that said, there are ways to influence its price changes, such as making huge buy or sell orders, which would then lead to an increase or drop in price.
This is known as price manipulation, and it is commonly done by crypto whales — wealthy entities in the industry who can afford to buy and sell hundreds, thousands, or even millions of dollars worth of cryptocurrency in a single trade.
For example, if someone suddenly puts up hundreds or thousands of BNB for sale, others would assume that a price drop is coming, so they would try to dump their coins, as well.
In doing so, they would contribute to the price drop.
Alternatively, if someone is seeking to buy large quantities of BNB, other traders and investors would assume that a price increase is coming and that buying at the current price would be considered buying at a cheap price.
With the surge in demand, the price would rise.
Investing in Binance Coin
As mentioned earlier, BNB has seen significant improvement in its performance in 2024. It has been one of the best-performing cryptocurrencies this year, despite boasting a massive market cap already.
Is it worth buying Binance Coin (BNB) in December 2024?
In the last couple of months, BNB has consistently maintained its momentum and grew in value at a considerable pace despite volatile market conditions.
In other words, BNB has been showing signs of stability, followed by strong growth even as an established crypto.
Furthermore, with a year-long crypto winter behind us, the crypto industry is expected to see months of slow and steady recovery, followed by another major bull run, which the investors anticipate could be here anytime.
In both scenarios, investing in BNB now does seem like a good decision, although we recommend that each investor does their own research and make their own decisions before making any kind of move.
Remember that things can always turn around rapidly and unexpectedly in the crypto industry, and all it takes is one wrong move by Binance, or another event such as the collapse of the FTX exchange in November 2022, to turn this recovery into another bear period.
Cryptocurrencies offer a great opportunity to make a lot of money, but that is the risk that investors and traders must always be aware of — something bad can happen at any time and cause the prices to collapse.
Who should invest in Binance Coin (BNB)?
Investing in BNB does not concern only a specific group of people. Anyone who seeks to profit from price changes can consider purchasing the asset.
With that said, BNB will have a number of practical uses for those who seek to engage with its blockchains and products built on them.
For example, if you wish to engage with any crypto asset, dApp, DeFi protocol, or even Binance DEX, you will have to make transactions, and they require you to use BNB to pay transaction fees. The same is true if you wish to purchase any new crypto asset that may be launching on Binance Launchpad since you can only buy tokens during a token sale using BNB.
With that said, BNB is a worthy investment for those who seek to earn money from price movements, or for those who wish to use its blockchain products, or invest in Binance Smart Chain-based cryptocurrencies.
If you are a beginner to cryptocurrency and are not well versed in its know-how, you could make your decision after going through cryptocurrency beginners’ guide and expert opinions available on eToro, and then take your call as per your requirements.
How to get started with Binance Coin (BNB) investments?
Once you do your research and decide to go through with buying BNB, the process is quick and simple. In our example, we will use eToro to explain how to buy Binance Coin since eToro has a number of licenses that make it available in multiple major countries.
On top of that, it also has a simple, user-friendly design, and it is very intuitive when it comes to finding your way around the platform.
With that said, here is what you need to do:
- Go to eToro and create an account on the platform.
- Verify your identity by uploading an ID or similar documents that the platform might request.
- Once your account is approved, select your payment method and deposit some money that you wish to use for investing.
- As soon as the money arrives, you will be ready for the next step, which is searching for Binance Coin via the search box.
- Once you find BNB, click the trade button, and create your order.
Your capital is at risk.
Investing in Binance Coin (BNB) responsibly
We mentioned several times throughout this guide that Binance Coin is known for being noticeably more stable than many other cryptocurrencies.
However, even with that being the case, it is still a real cryptocurrency, and that means that its price is, and will remain volatile.
This means that you need to study it thoroughly, learn how to perform technical analysis and fundamental analysis, and also learn what influences its price, in what way, how much, and alike.
Learning risk management tools to prevent losses when the market is more uncertain than usual is also a good idea.
Binance Coin Taxation
One thing that you need to remember about crypto and the profits made from trading crypto is that they are now also subject to taxation in most countries.
Regulating the sector and making it safe was mostly not achieved yet, but governments around the world were quick to introduce crypto taxes and get their share of your money.
Since the crypto industry no longer offers true anonymity — whenever you trade on any centralized platform, you have to reveal your identity, and your funds can then be traced back to your wallet — you are obligated to pay taxes on any profits from crypto.
Since there may be a handful of countries left that do not have crypto taxes in place yet, you should check out your local laws just to be sure, but for the most part, any income is subject to taxes in most nations, which likely also includes cryptocurrencies.
Binance Coin vs. other cryptos
For planning a long-term investment in any crypto, its comparison with other leading cryptocurrencies becomes inevitable. Below is a comparison of BNB with Ethereum and Bitcoin.
Binance Coin vs. Ethereum
Ethereum is a decentralized, open-source blockchain network. It comes after Bitcoin in terms of market capitalization. Its public ledger is used for recording and validating transactions. The native cryptocurrency of this platform is Ether. It has a plethora of applications running on its platform and helps make global payments. In terms of the price level, it is costlier than Binance Coin.
There is a stiff battle going on between Binance Smart Chain (BSC) and Ethereum in the arena of smart contract space as BSC is providing faster and cheaper transactions on its platform when compared with Ethereum
Binance Coin vs. Bitcoin
Bitcoin has been the first cryptocurrency in the market and has been the flag bearer of blockchain technology in the world. Bitcoin stands first in terms of market capitalization in the cryptocurrency ecosystem. It is managed by a decentralized authority and organizes its transactions on the proof-of-work protocol.
The introduction of Binance Smart Chain (BSC) has brought tough competition to Bitcoin in the area of the mining as BSC’s latest technology allows the addition of blocks through mining in seconds when compared with Bitcoin which does that process usually in minutes.
Binance Coin: Short-term trading vs. long-term investing
One of the big dilemmas in the crypto industry, at least among newer members, is whether to engage in short-term trading or long-term investing.
Let us begin by saying that both of these approaches are perfectly valid, but they work differently, and you cannot approach both of them with the same expectations regarding earnings.
For example, investing is significantly easier, since it is a long-term solution. Basically, you buy some BNB, lock it up in your personal, secure wallet, and you forget about it for months, years, or even longer.
Investing is based on the assumption that prices will continue to grow in time, so you would buy BNB now, while it is “cheap,” and sell it after several years when its price reaches much higher levels.
Of curse, you must first carefully study the coin and make your own conclusions about whether it will survive years to come and, if it does, how high up you expect it to go. But, for the most part, there is no stressing about short-term price performance, you don’t need any real discipline, and so on.
Things are completely different with trading. The goal of trading is to buy BNB for a short period of time and then sell it when the price changes favorably.
In other words, when your research suggests that the price will soon grow for one reason or another, your move would be to buy and then sell once it reaches a certain height. That way, you would make a small profit, and once the price sinks again, you would once again buy at a lower price with the intention of selling at a higher one.
Trading requires a lot of research, keeping track of current events, monitoring the price movement, and making fundamental and technical analyses, to see how the community feels about the coin and what technical indicators say will happen to it next, and alike.
More than that, you need discipline and strength to stay calm and collected and not react before the time is right or too late. A lot of traders experience losses due to greed, as they don’t sell when the price reaches its peak, but rather, they wait, hoping to see it go further up.
Others, too scared of experiencing losses, sell too quickly and miss out on an opportunity to earn even more.
This is why you need a good strategy, an understanding of risk management, and the like. Plus, trading like this will only bring small profits, which tend to pile up over time.
Alternatively, investments will bring large profits, but you need to be patient and wait for several years for the price to grow high enough.
As mentioned, both approaches are perfectly legitimate, but not everyone can handle them. Most people are made for either one or the other, and it is up to you to decide which one suits you best.
Your capital is at risk.
Future Predictions for Binance Coin Price
Q4 2024
Currently, there doesn’t seem to be much action in the market, which could imply that growth for BNB may be steady. However, with Binance’s ex-CEO CZ set to be released from jail soon, and several other developments on the horizon, there may be a chance for BNB to see more growth in the near term. Such positive momentum could potentially lead to increased trading volume and renewed investor confidence.
Furthermore, if Binance introduces new initiatives, partnerships, or features that increase its ecosystem’s utility, it could further support BNB’s price appreciation. That said, it’s important to note that any further bad news in the market or around Binance itself could trigger a small dump in the token’s value, reflecting the volatility often seen in the cryptocurrency space.
The regulatory landscape will be a crucial determinant of BNB’s short-term trajectory—favorable developments in key jurisdictions could provide a much-needed boost. For now, the direction BNB takes largely depends on how upcoming events unfold and whether they can generate enough positivity to influence its price trajectory.
2025
In 2025, the performance of BNB will hinge heavily on its ability to expand its user base and capture a larger share of the cryptocurrency market. If Binance can continue innovating, bringing new features, and improving user experience, it could attract even more traders and crypto enthusiasts to its platform. The launch of new products or features—such as enhanced staking options, a greater variety of DeFi tools, or new trading instruments—could also create additional demand for BNB.
Market conditions will play a crucial role—if the market turns bullish, it could enhance BNB’s offering to a broader audience, which could, in turn, boost demand for the token. Under the right circumstances, BNB has the potential to target the $1,000 mark, although reaching this valuation would mean the market cap of BNB would easily exceed $180 billion.
The growth of Binance’s ecosystem, particularly its influence on decentralized applications, could further bolster demand for BNB, providing additional avenues for the token’s value to increase. While this would be a significant milestone and challenging to achieve, it remains a possibility in the right market conditions, particularly if Binance continues to lead in exchange volume and service offerings.
Adoption among retail investors, as well as institutional interest, could also play a critical role in reaching this ambitious target.
2030 and Beyond
Looking further ahead to 2030, Binance has already positioned itself as the leading destination for investors across the globe. If it can evolve into a comprehensive, one-stop destination for all things crypto—including trading, decentralized finance, education, and more—BNB’s value could rise substantially.
Moreover, gaining the attention and adoption from the newer generation of crypto investors could further enhance BNB’s position and contribute to sustained growth over the years. In addition, the rise of tokenized assets, decentralized applications, and continued advancements in blockchain technology could further increase the utility of BNB as a key asset in the cryptocurrency world.
Given the exchange’s reach and continual expansion, it may not be far-fetched to expect BNB to reach valuations comparable to, or even exceeding, the current market cap of Ethereum by 2030 or in the years beyond. Such a scenario would require consistent innovation, widespread user adoption, and a favorable regulatory landscape, but BNB certainly has the foundational platform and community strength to aim for such ambitious targets.
Furthermore, strategic partnerships, new blockchain products, and an expanding presence in regions with growing crypto adoption could all contribute to BNB’s valuation, enabling it to solidify its place as one of the most valuable tokens in the market.
Top Binance Coin (BNB) Alternative
While BNB is an asset with great potential, the volatility of the token cannot be ignored. It can move unexpectedly at any point, making it a risky investment. The best option for investors in such cases is usually to diversify their portfolio by parking funds into multiple assets. Early-stage projects might often appeal the most to such investors, as they hold major potential for growth.
One such project with great potential is Crypto All-Stars, which is an ongoing memecoin presale that seems to have caught the attention of investors across the space.
Crypto All-Stars does not simply boast a memecoin element to it — it also focuses on providing utility, which in this case may be quite exciting, especially for memecoin investors. This is because the project manages to integrate multiple leading memecoins as a part of its central use case directly, with its innovative unified memecoin staking model. Essentially, the project allows investors to stake some of the leading memecoins within their own ecosystem, which removes the need for investors to find various staking platforms to earn interest on their memecoin holdings.
Naturally, the project was quickly embraced by the memecoin investing community, who started flocking in to stock up on STARS, the native crypto of the project. It was also featured on various leading crypto media publications and YouTube channels, including 99Bitcoins, which claimed that the project had the potential to shoot up in value in the coming months.
At present, the project is inching towards reaching its presale goal, having raised more than $2 million already. This indicates a strong surge in demand already, making it a great option for investors who wish to diversify their portfolios into other quality cryptos with a strong future.
Visit Crypto All-Stars Presale
Conclusion
Binance Coin, or BNB, is one of the world’s largest cryptocurrencies by market cap. It is a native cryptocurrency of Binance, and it plays a central role in two blockchains that the exchange launched.
As such, it has tons of different use cases in Binance’s ecosystem, from simple trading and investing to paying fees, allowing you to buy new tokens, and more.
In the past, BNB has shown that it has great potential to see a massive price increase, and it has mirrored Bitcoin’s performance rather accurately.
With that being the case, Bitcoin’s growth — which is all but guaranteed, and it is only a question of when it might arrive — also means BNB’s upcoming growth.
Apart from that, it has the world’s largest exchange at its back, and it is used by thousands if not millions of people every day.
There is still risk involved with investing into it, so do your own research before you make a move. But, from everything we have seen so far, BNB is a cryptocurrency that has a lot to offer, and with more likely coming down the road.
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FAQ
Is BNB Coin a good investment?
Depending on the market situation and your goals as a trader/investor, BNB can definitely be a good option. Historically, it has shown great potential for growth, and its price has seen strong bullish behavior in April 2023.
Is BNB Coin a large cap token?
Yes, BNB is a large market cap token, since it boasts a total valuation of more than $80 billion in 2024. Any token worth more than $1 billion to $10 billion can be considered a large market cap token in today's, market setting.
How to buy BNB Coin?
The easiest and most secure way to buy BNB would be from a registered broker, such as eToro. Alternatively, you can go to Binance itself and purchase it on its CEX.
How to get free BNB Coin?
Free BNB can be earned through various offers from Binance, the company, such as airdrops, assuming that the platform makes any moving forward. Alternatively, you can get it from free crypto signup bonuses, receive it as a gift from a friend, and alike.
