Bitcoin
BTC$64 364.24

-0.32%

Ethereum
ETH$3 416.30

-0.72%

Tether
USDT$1.000190

-0.02%

Binance Coin
BNB$570.57

-0.84%

Solana
SOL$156.65

-2.73%

XRP
XRP$0.630018

8.50%

Binance Coin sees its price growing again


January 2020

Binance Coin once again sees its price beginning to grow in the final days of 2019. Currently, the coin sits as the 8th largest cryptocurrency, with a market cap of $2.1 billion and a price of $13.73 per coin. BNB rose by 1.95% in the last 24 hours, after its recent drop was stopped by a strong support at $12.

As always, the most important question for traders and investors is — what will happen to it next?

Binance Coin so far


Before we can see where BNB might go in the near future, it is important to see how the coin performed in the past. The fact that its history is not too long is a good and a bad thing alike. It is good because it is easier to spot certain patterns, but it also doesn't provide us with too much information, meaning that it is impossible to know whether or not the patterns would stick.

For example, BNB surged significantly back in early 2018, as a consequence of it joining in on BTC's bull run. While BNB was a bit late to the party, it still managed to skyrocket from $1.24 to $24 in a single month.

After the bull run ended and the bear market settled in, the coin sank, yes, but it didn't lose nearly as much as other altcoins. In fact, after a single month of dropping, its price spent as much as half a year growing. In other words, while every other altcoin lost around 90% of its value, BNB recovered more than half of what it lost during its initial nosedive.

Of course, as 2018 dragged on, even BNB eventually succumbed to the crypto winter's negative influence, eventually sinking back to its strongest support at the time — $4.50.

The coin's performance repeated in 2019 at a significantly larger scale, where BNB surged from $4.50 to over $36 over the course of six months. When the bull market ended in late June, BNB started dropping once again. Once more, his drop was stopped by a strong support, only this time, that support was at $12.

The future of BNB


From everything mentioned above, the simple conclusion is that BNB might surge higher and higher each year, and that each drop that comes in the second half of the year will stop at a higher support level. Now, this is by no means a strict rule, and BNB could easily spend the entire 2020 in a free fall. However, that is always a risk with cryptocurrencies.

They are not regulated, they have no real-world asset that would secure their value, and they are only as valuable as people believe them to be. With that said, Binance Coin does have a number of use cases within Binance's ecosystem, which is a guarantee of its value and success, for as long as Binance itself remains a respected, leading exchange.

For now, BNB is once again rising in another period of recovery that seems to be including the majority of the altcoins. If the last year is anything to go by, this recovery likely represents the beginning of new growth that will potentially lead some coins up early, while others might join at some point in early 2020. However, the holiday season might also interfere with the current development, so the only certainty right now is that there is no certainty, which is a common theme in the crypto industry.

Author: Ali Raza for Crypto-Rating.com

Related

Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
Binance Coin (BNB) Price Prediction for 2025 and 2030: Will It Remain the Dominant Exchange Coin?
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
The Reasons Behind Binance Coin's Astonishing 1500% Price Surge
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): A Big Bump In the Road to ATH
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB): All-Time High by the End of the Year?
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin (BNB) Stumbles Near This Year's High
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin Looks Confident After Breaking Macro Resistance
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Bears Are Drawing the Price To Their Side
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin (BNB): Not as Vigorous as Before
Binance Coin is Nearing the End of the Bull Rally
Binance Coin is Nearing the End of the Bull Rally

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78% 43 $64 364.24 -0.32% 11.97% $1 269 716 723 462 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 416.30 -0.72% 10.22% $410 712 230 766 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000190 -0.02% 0.03% $113 246 119 775 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 43 $570.57 -0.84% 9.29% $84 205 292 105 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82% 36 $156.65 -2.73% 11.05% $72 712 740 994 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 77.6% 43 $0.630018 8.50% 44.13% $35 158 388 966 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000058 0.01% 0.01% $33 786 650 760 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 90% 13 $7.13 -2.95% -1.57% $17 903 663 385 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 55 $0.122344 -1.78% 14.15% $17 759 171 787 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80.4% 36 $0.440835 0.42% 14.99% $15 820 624 845 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 44 $0.133868 -0.20% 2.14% $11 660 500 653 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.8% 37 $0.000019 -2.98% 14.79% $11 047 738 934 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 41 $27.63 -2.12% 7.39% $10 907 302 760 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.