Binance Coin (BNB), the altcoin project of the Binance exchange, surprised everyone with its latest developments. The coin made an ATH at a time when Bitcoin and altcoins were trading at low prices in a bear market. The historical peak of BNB has emerged in the Bitcoin parity. Accordingly, the BNB/BTC parity has never been this strong in history. Here are the details and expected price levels…
This altcoin did ATH against Bitcoin
At the end of 2021, cryptocurrencies hit an all-time high. But with the new year, prices began to decline. BTC entered the year 2022 at around $47,800. However, the leading cryptocurrency is currently hovering around $23.991. Like all altcoin projects, BNB was also affected by this bear market. At the time of writing, BNB was trading 70% below its all-time high. However, this decrease is a relatively good rate compared to other altcoins. BNB has suffered less than other cryptocurrencies in the bear market.
As a result, BNB seems to be performing much better than its competitors. The last event proving this happened in BNB/BTC parity. The pair hit an all-time high at current low prices. The last peak was seen on May 10, 2021. At that time, one BNB was exactly equal to 0.01235 BTC. In today’s new peak, 1 BNB reached the level of 0.01259. Accordingly, BNB has never been stronger against BTC since its emergence.
Binance Coin (BNB) ecosystem is evolving
As we reported as Kriptokoin.com, BNB is the native cryptocurrency of Beacon Chain and BNB Smart Chain. The third largest crypto by market cap, Binance Coin has many use cases. It is used to pay transaction fees as well as discounted transaction fees on BNB, Beacon Chain and BNB Smart Chain. It also has many uses as the native cryptocurrency of the Binance exchange. Users can choose BNB to pay for in-store purchases with Binance Pay and Binance Card. However, on Travala.com, they can spend BNB to book hotels and flights. Finally, BNB holders can participate in token sales held on Binance Launchpad.
These use cases are driving the growth of the altcoin project with a market cap of over $50 billion. Binance has scaled up efforts to integrate NFTs, metaverse and Web3 products into its operations. It then secured a new $500 million investment fund backed by top global institutional investors like DST Global Partners, Breyer Capital and Whampoa Group. This fund will enable Binance to include broader use cases of cryptocurrencies. In addition, Web3.0 will allow NFTs, P2E and Blockchain innovations to take a leap forward in their efforts to drive growth.
BNB price prediction
The CoinMarketCap community has made a price prediction for the altcoin BNB. Accordingly, the CMC community expects a rise for Binance Coin in August. They predict that by August 31, 2022, the price of BNB will reach an average of $360.91. The aforementioned estimate was the result of the votes of 1,888 community members. This represents an increase of $76.61, or 26.95%, from BNB’s current price of $288. The same community has also set an end-September price target for the altcoin. Accordingly, the CMC community expects BNB to increase in September as well. In fact, they have a more optimistic outlook than the uptrend expectations in August. They estimate that the average price of BNB on September 30 will be $384.06. This means an increase of 35.09% compared to the current price of the cryptocurrency. So, according to the prediction, BNB will earn $ 99.77.
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