Binance coin is the most recently popular cryptocurrency launched by the renowned platform Binance Exchange. The token is employed to make fee payments at the exchange and conduct trading in cryptocurrencies. It is important to note that Binance is the biggest cryptocurrency exchange in the world. Founded by Changpeng Zhao, the platform witnesses a massive trading volume of around $1.5 billion daily. If you seek to know more about the platform and its native token Binance coin, then you are at the right place. Read on to acquire a deeper insight into the statistical trends of the token and more.
History of Binance Coin Price Ups and Downs
Created in 2017, Binance coin is a relatively safe crypto asset. According to Nasdaq, the ups and downs in Binance’s price occur due to the platform’s performance and usually lies between $559.56 and $578.8.
Things You Should Know Before Investing in a Binance Coin
Investment in any asset has its risks. It may not always be profitable to invest in Binance coins. Even though Binance is the largest crypto exchange globally yet, there are a few reasons why one should be wary about making any investment. Take note of the points below to make sure that you do not incur losses in BNB investment:
- Keep track of the price pattern of BNB and keep an eye on the overall performance of the platform. At present, both the venue and the token are doing well in the cryptocurrency market. Therefore, investing in a Binance coin would be a safe and profitable venture.
- Binance is not a token that is widely exchanged across the world. However, it is still profitable to invest in BNB as the exchange platform is launching new crypto assets almost daily like stablecoins, Binance Bitcoin-pegged tokens, and more. Know more about Binance reviews from experts.
- The safety rating of Binance is not exactly promising as every transaction takes place on a centralized basis. The centralization of the platform makes it easy for unauthorized third parties and hackers to gain access to the platform.
- The Binance Blockchain technology is not advanced, and therefore the platform is still in a beta stage when it comes to making safe investments in BNB tokens.
How to Invest in Binance Coin?
The different ways of investing in Binance coin is mentioned below:
Buy and Hold
In this primary method of BNB investment, the buyer purchases the token when the value is low, holds on to it, and then sells it when the price rises to rake in a profit. The platform is looking forward to incorporating the staking method to make the buy-and-hold investment more stable.
Short-term trading may seem easy, but it is not so profitable in the long run as the price of the token fluctuates erratically. One can also consider leveraged day trading in BNB, but that is a little too risky.
IRA investment is somewhat ideal for BNB tokens. Although only a handful of platforms trade BNB in exchange for IRA investments, it is still suitable for a tailored retirement investment venture.
Binance Coin Price Prediction Stats
The Binance coin price prediction trend is mentioned below:
- In May 2021, the average price of the token shall be $744.
- In June 2021, the price of BNB can vary between $749 and $930.
- By August 2021, the price may hit $1109.
- September 2021 shall see a rise in the minimum price of Bitcoin to approximately $1169.
- It is expected that in January 2022, the price of the BNB token shall reach almost $1826.
Click here to know more about detailed Binance Coin price prediction.
Should You Invest in Binance Coin
At present, both the platform and the token are performing well in the cryptocurrency market. The platform has expanded into multiple branches of cryptocurrency development, and therefore it would be a lucrative move to invest in Binance coin. Keep note of the price and performance trends and make the best of the relative stability of the token to rake in decent returns on the investment.
It is evident from the current statistics of Binance coin that investment in Binance would be a great choice. Be aware of the Binance coin price prediction trends to make prudent investments. Despite the drawbacks, the Binance coin is relatively safe as the platform is in the best of health in terms of crypto-economics. Now that you are aware of the nitty-gritty details of the BNB token, it is time to set up a wallet and start trading and investing in Binance coin right away.
Melvin holds a degree in Mass Media & Journalism. Writing is his passion. Earlier he used to work as a freelancer and had an experience of writing multiple news articles for various news agencies. When he is not writing, you can find him engulfed in playing sports like golf or basketball.