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||69.2%||55||$42 499.74||-1.69%||3.90%||$804 612 153 299|
|2||ETH||Ethereum predictions||68.8%||67||$3 240.18||-3.24%||7.66%||$386 221 666 258|
|3||BNB||Binance Coin predictions||71.6%||55||$471.64||-5.87%||13.52%||$78 669 453 462|
|4||USDT||Tether predictions||92.8%||1||$1.000291||-0.01%||0.01%||$78 422 379 350|
|5||ADA||Cardano predictions||72.8%||51||$1.48||4.97%||33.24%||$49 641 760 562|
|6||USDC||USD Coin predictions||92.8%||1||$0.999982||0.02%||-0.02%||$45 408 574 979|
|7||SOL||Solana predictions||62%||78||$142.41||-5.01%||7.28%||$44 738 935 131|
|8||XRP||XRP predictions||73.2%||58||$0.760679||-2.17%||5.13%||$36 256 323 649|
|9||LUNA||Terra predictions||72.4%||59||$80.99||-5.64%||18.07%||$29 003 031 725|
|10||DOT||Polkadot predictions||74.4%||53||$26.06||-6.24%||12.03%||$25 733 903 487|
|11||DOGE||Dogecoin predictions||73.6%||46||$0.168009||-5.80%||17.84%||$22 289 819 399|
|12||AVAX||Avalanche predictions||66%||76||$88.17||-6.02%||6.34%||$21 545 510 909|
|13||MATIC||Polygon predictions||74%||54||$2.27||-2.65%||14.59%||$16 595 998 407|
|14||SHIB||SHIBA INU predictions||72.8%||59||$0.000029||-5.71%||7.80%||$15 821 241 817|
|15||BUSD||Binance USD predictions||94.8%||1||$1.000713||0.14%||-0.01%||$14 457 507 802|
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