2021 has been an impressive year for Binance Coin (BNB), which so far has rallied by more than 900%. One of the primary drivers of BNB’s growth was continued congestion on the Ethereum network. As this struggle carried on, Binance Smart Chain (BSC) emerged as an alternative, meeting the rapidly growing decentralized finance (DeFi) sector’s demands. As BNB reached a $64 billion market capitalization, it has surpassed traditional banks, including Santander, the Bank of Montreal, and UBS. Meanwhile, some analysts point to the estimated value and impact of Coinbase’s upcoming direct listing ($100-billion valuation) as a catalyst for the BNB price hike.
A common narrative spun up over the past few weeks is that the direct listing of COIN is also adding value to centralized exchange tokens. Analysts are also speculating that other U.S.-based regulated exchanges like Kraken and Gemini will likely follow Coinbase’s path and attempt to raise funds through a stock offering.
BNB token provides holders with a discount on trading fees, and it is required for those wishing to participate in Binance Launchpad token sales. As BNB gained liquidity, it also became a base pair for other cryptocurrencies at Binance exchange. Over time, other uses emerged as the Binance Smart Chain gained traction. For example, BNB can cover network fees and as serve as a utility token in the ecosystem, which includes decentralized apps (dApps) and games.
Periodically Binance burns (destroys) some of the non-circulating BNB tokens based on the exchange’s overall trading volume. This strategy’s efficacy vanished over time as investors understood that these destroyed tokens never entered the circulating supply. The Binance Smart Chain network uses a Proof of Stake Authority which eliminates the need for miners or expensive transaction fees. The platform kept its compatibility with the Ethereum Virtual Machine (EVM) and has a similar token and smart contract structure.
Many tokenized (or pegged) cryptocurrencies have gained relevance in Binance’s networks, allowing users to bypass miner fees. Another benefit provided by Binance Smart Chain’s BEP-20 model is staking and farming capabilities in its vast network of decentralized applications, including the PancakeSwap DEX and Venus lending platform.
If done correctly, BNB’s market capitalization could surpass that of the entire traditional banking system, but before this can happen these networks and decentralized applications need to gain adoption and prove that they can stand up to the needs of mainstream investors and banking clients.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||80%||31||$44 191.65||2.28%||14.09%||$864 601 373 120|
|2||ETH||Ethereum predictions||80.4%||36||$2 384.27||1.22%||13.64%||$286 631 337 595|
|3||USDT||Tether predictions||92.8%||1||$1.000286||0.02%||-0.01%||$90 361 522 312|
|4||XRP||XRP predictions||84.8%||28||$0.691977||7.73%||12.59%||$37 337 342 228|
|5||BNB||Binance Coin predictions||86%||17||$244.21||4.75%||6.78%||$37 045 963 060|
|6||SOL||Solana predictions||78.8%||38||$77.33||7.81%||24.47%||$32 939 078 279|
|7||USDC||USD Coin predictions||96%||1||$0.999988||-0.01%||0.01%||$24 499 538 291|
|8||ADA||Cardano predictions||76.8%||38||$0.621468||30.58%||60.61%||$21 949 609 212|
|9||DOGE||Dogecoin predictions||70.8%||53||$0.104135||6.51%||24.05%||$14 803 690 586|
|10||AVAX||Avalanche predictions||76%||50||$32.83||21.42%||48.15%||$12 006 820 565|
|11||STETH||Lido stETH predictions||96%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||TRX||TRON predictions||94%||7||$0.108469||2.71%||4.89%||$9 596 597 053|
|13||LINK||Chainlink predictions||76%||38||$17.23||7.97%||9.25%||$9 592 622 058|
|14||WTRX||Wrapped TRON predictions||92.4%||7||$0.107924||2.30%||4.39%||$9 548 377 600|
|15||DOT||Polkadot predictions||80%||38||$7.54||20.76%||36.96%||$9 456 502 227|
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