Connect with us

Altcoins

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

Published

on

Binance Coin
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite