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Watch Out for Binance Coin (BNB) in the Next Bull Run — it might Hit $200

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Binance Coin

The so-called ‘crypto winter,’ which dominated 2018, seems to have finally ended. Apart from an occasional correction, most coins are seeing gains, although the lack of institutional cash flow, as well as the investors’ hesitance to return,  are still preventing them from entering a proper bull run.

Even so, many believe that one such bull run will arrive eventually, maybe even at some point in 2019. If it does come, a lot of cryptocurrencies will see significant gains, and the prices will see huge recoveries. However, one coin, in particular, is expected to see massive gains, and potentially even reach heights it never saw before. We are, of course, talking about Binance Coin (BNB).

Binance Coin as the best performing coin

It sounds unlikely at first glance, but BNB actually has a pretty good chance to reach the $200 mark in the next bull run, and there are plenty of reasons why this might happen. First, let’s start by taking a look at BNB’s performance so far.

BNB is not a particularly old coin, and it was launched back in July 2017. In the early days, it was very low-valued, with its price being relatively close to zero. This was the period when BNB hit its all-time low, and it never approached such low levels again. It reached its all-time high in January 2018, right before the market crash, when it hit $24.

During the last year’s bear market, most cryptocurrencies lost 80% of their value or more. Bitcoin dropped from $20,000 to only $6.300 at first, and then $3,200 after that. Other coins, like XRP, lost even more. Binance Coin, meanwhile, lost only half of its value, and while its losses deepened, later on, it was still performing way better than any other crypto.

These days, the coin is less than 25% below its all-time high, which is something that cannot be said for any other coin. Further, the coin has a rather small supply. Its total supply is 189,175,490 BNB, but the circulating supply is 141,175,490 BNB. Binance also holds regular quarterly token burns where it buys circulating coins back, and it often burns as many as 2 million units at once. The goal is to continue doing this until the coin’s circulating supply is only 100 million, which will further draw its price.

Why BNB might hit $200

The first thing to take into an account is that Binance Coin was created by Binance, the largest crypto exchange in the world in terms of trading volume. This means that the coin has its back by the exchange, which uses it as its native token.

Next, Binance Coin also has a number of extremely valuable use cases. While it is mostly useful only within Binance exchange at the moment, it still sees quite a lot of usage as it provides its users with a massive discount on trading fees. Further, the coin is also the only cryptocurrency which can be used for buying tokens launched by Binance Launchpad.

Binance Launchpad is a well-known project which holds one ICO per month, and while it was created a while ago, it was not used during the crypto winter. It became operational again in 2019, announcing that each month, it plans to hold one token sale, featuring interesting, legitimate projects, which the exchange will research and approve of, itself.

So far, this has included three coins — BitTorrent (BTT), Fetch.AI (FET), and Celer Network (CELR) — all of which were sold within 15 minutes. FET token sale actually holds the record for being the fastest ICO ever, being completed within seconds. All three token sales were only available for Binance users, and the only way to purchase the coins was via BNB. The token sales were still a massive success, even though ICOs are believed to be dead at this point.

This only proves that the model is not dead, as long as there is a trusted entity behind them. And Binance is certainly one of the most trusted ones in the industry, with millions of users, numerous trading pairs, and all the most popular coins being offered on its platform.

Obviously, this is another massive use case for BNB, and it is responsible not only for the surge of BNB price but also for the growth of its usage. The coin currently has a trading volume of $155 million, which is impressive considering that almost all of it comes only from Binance.

Further, Binance also recognized the issue many crypto users are struggling with, which is a crypto-fiat exchange, particularly in Europe, where the USD is not among the main currencies. This is why the exchange launched Binance Jersey, a Europe-centered subsidiary which allows users to purchase cryptocurrencies with GBP and EUR. Thus, BNB became the entry point into the crypto world for entire Europe, which increased its price and usage even further.

Binance has much greater plans for BNB

While all of this already seems like a huge deal for BNB, it is still nowhere near the end of the coin’s potential. Binance is actually in the process of developing its personal blockchain, called Binance Chain. The blockchain will be decentralized, and it will use BNB as its base currency.

But beyond that, Binance is also creating its own decentralized exchange — Binance DEX. A decentralized exchange comes as a response to the crypto world’s unyielding desire to reach full decentralization — something that is impossible while the biggest exchanges out there remain heavily centralized.

With DEXes already appearing left and right, Binance decided to launch its own, and turn itself into an entire community, rather than just another trading platform, even if it is the biggest one in the world. Once the DEX goes live (it is currently in beta), it will likely become the largest DEX in the world. It will have a reputable background, advanced mechanisms, and a trusted coin as its base currency — Binance Coin.

Every transaction within the DEX will require BNB in some amount, and the coin will be larger than ever. In fact, many view it as one of the biggest coins in the future, which will serve on the biggest exchange, and be paired with every coin which enters the exchange.

This is the true potential for Binance Coin, and while there is no guarantee that it will become a new Bitcoin, it might as well become the next best thing. With all of that in mind, the coin will surely hit the $200 mark sooner or later, and the only question is — where its limit might be?

With low supply, many huge use cases, and trust above all — sky is the limit for BNB. The coin is probably one of the safest investments today, and more people recognize it as such each day. The next big bull run will be an interesting one, and when it comes, be sure to keep a close eye on BNB, as those who choose to HODL it might soon become very lucky.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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