{"id":455,"date":"2021-04-02T10:32:30","date_gmt":"2021-04-02T09:32:30","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=455"},"modified":"2021-04-02T10:32:31","modified_gmt":"2021-04-02T09:32:31","slug":"can-binance-coin-bnb-go-to-500-soon","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/can-binance-coin-bnb-go-to-500-soon\/","title":{"rendered":"Can Binance Coin (BNB) Go to $500 Soon?"},"content":{"rendered":"##\n<p><a href=\"\/coins\/binance_coin\/\">Binance Coin (BNB)<\/a> is on an expansion track after it left behind its double-digit valuations just months ago. The asset sets new records above $300 easily and shows potential for a continued rally. BNB made continuous all-time highs, easily trading above $350 in the past day. The asset\u2019s price recovered from recent lows and looks like another harbinger of a highly active <a href=\"\/news\/these-five-altcoins-are-waking-up-xtz-trx-neo-eos-xvg\/\">altcoin season<\/a>.<\/p>\n\n\n\n<p>BNB spent a long time with relatively depressed prices and was viewed as a utility asset that served the <a href=\"\/exchanges\/binance\/\">Binance International exchange<\/a> ecosystem. The asset was also used to buy into Binance\u2019s curated token offerings, as well as for trading fee discounts.&nbsp;<\/p>\n\n\n\n<p>But now, BNB is breaking out with predictions of reaching $1,000 and even taking the spot of Ethereum (ETH) as the second-largest asset by market capitalization.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BNB<\/a> is heading up towards Breaking its crucial resistance just before $500<br>If <a href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&amp;ref_src=twsrc%5Etfw\">#BNB<\/a> successfully flips the ATH I&#39;m expecting it to move straight towards breaking the ATH with some huge volume!<br>While <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@Binance<\/a> also announced the new Launchpad token <a href=\"https:\/\/twitter.com\/search?q=%24TKO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TKO<\/a> <br>Are you a true <a href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&amp;ref_src=twsrc%5Etfw\">#BNB<\/a> Hodler? <a href=\"https:\/\/t.co\/yvyoWjO1EY\">pic.twitter.com\/yvyoWjO1EY<\/a><\/p>&mdash; Elja\ud835\udd6doom\ud83d\udca5 (@Eljaboom) <a href=\"https:\/\/twitter.com\/Eljaboom\/status\/1377575580229632000?ref_src=twsrc%5Etfw\">April 1, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>In the past week, the climb of BNB prices has been almost constant, and so far, the coin has not tracked back for a while. BNB is up about 30% against Bitcoin (BTC) as well, showing that some altcoins still have appeal.&nbsp;<\/p>\n\n\n\n<p>Social media hype sees BNB attempt to cross the $500 barrier soon.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BNB<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a>  is going to hit $500 this month. I\u2019ll bring this tweet up at the end of April to tell you I told you so.<\/p>&mdash; Dylnft (@Dylan60346627) <a href=\"https:\/\/twitter.com\/Dylan60346627\/status\/1377836294437400579?ref_src=twsrc%5Etfw\">April 2, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The BNB market capitalization, however, is still about five times smaller in comparison to ETH, so a \u201cflippening\u201d event is not coming any time soon. Still, the presence of BNB as a top 3 coin may add to its visibility and additional investor interest.<\/p>\n\n\n\n<p>BNB is also boosted by the co-founder of Binance, Changpeng \u201cCZ\u201d Zhao, who remains one of the most influential personalities in crypto space.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Sorry, didn&#39;t see this. It looks like <a href=\"https:\/\/twitter.com\/hashtag\/BNB?src=hash&amp;ref_src=twsrc%5Etfw\">#BNB<\/a> made an ATH earlier today before the previous tweet. My bad.<br><br>Yeah, ATH&#8230; \ud83c\udf89<br><br>Not financial advice. <a href=\"https:\/\/t.co\/9d58ZW2ITp\">pic.twitter.com\/9d58ZW2ITp<\/a><\/p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1377854068144500742?ref_src=twsrc%5Etfw\">April 2, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The BNB Ecosystem<\/strong><\/h3>\n\n\n\n<p>The hub of the BNB ecosystem is the Binance Exchange, especially its international market which excludes US traders. The exchange\u2019s volumes grew to above $81B per day, up from as low as $1B per day during the bear market. Part of the trading is also distributed to Binance DEX, the decentralized exchange offering a wider array of tokens.&nbsp;<\/p>\n\n\n\n<p>Binance also performs regular new token sales, announced on its Binance Launchpad blog.&nbsp;<\/p>\n\n\n\n<p>The BNB asset is compatible with two blockchains- Binance Chain, the older version that moves the coin, and Binance Smart Chain, a second-generation ecosystem that has smart contract and tokenization programmable functions. Binance Smart Chain is also compatible with the Ethereum Virtual Machine and targets DeFi and automated trading and staking projects. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">9 new tokens <a href=\"https:\/\/twitter.com\/search?q=%24FXS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$FXS<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24BLZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BLZ<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24ADX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ADX<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24OAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$OAX<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24COTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COTI<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24LOOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LOOM<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24FIRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$FIRO<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24TRU&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$TRU<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24CELR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CELR<\/a> deployed on BSC as BEP20-token are listed on Binance Bridge.<a href=\"https:\/\/t.co\/fByPJvWD0x\">https:\/\/t.co\/fByPJvWD0x<\/a><\/p>&mdash; Binance Chain Community (@BinanceChain) <a href=\"https:\/\/twitter.com\/BinanceChain\/status\/1377459562886750208?ref_src=twsrc%5Etfw\">April 1, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BNB can be sent to addresses on both chains, but to participate in DeFi, it must be moved to a Binance Smart Chain format address. As with other assets, DeFi participation is not risk-free and care must be taken to avoid errors.<\/p>\n\n\n\n<p>BNB is an asset moving through its own blockchain, which uses both centralized and decentralized delegates. BNB can be locked with one of the block-producing delegates to receive passive income.&nbsp;<\/p>\n\n\n\n<p>Delegation income depends on the commissions for each of the 21 separate delegators. It is possible to achieve annualized returns above 42%. After locking BNB, attempting to remove the coin from delegation has an additional seven-day cooldown period, so it is best not to delegate assets needed for short-term tasks.<\/p>\n\n\n\n<p>The best tool to operate BNB and all its features is Trust Wallet, Binance\u2019s own recommended software. BNB is also available and has limited swap options through the Exodus Wallet.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BNB and DeFi Staking<\/strong><\/h3>\n\n\n\n<p>One of the boosts for BNB is its participation in algorithmic swaps and decentralized finance. Until recently, BNB was only used on its own DEX, and lagged behind ETH.&nbsp;<\/p>\n\n\n\n<p>The arrival of Pancake Swap changed the balance. Pancake Swap essentially created a Uniswap version for Binance Smart Chain, and immediately grew its trading volumes. The value of CAKE, its native token, is exploding, starting from around $0.60 in January, to above $17 after the latest price spikes. One of the ways CAKE affects the valuation of BNB is that the protocol locks up some of the coins in Wrapped BNB (wBNB).&nbsp;<\/p>\n\n\n\n<p>BNB has a relatively high total supply of above 154M coins, though some of those assets are locked for staking, delegation, and now in decentralized finance trading pairs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BNB Trading Profile<\/strong><\/h3>\n\n\n\n<p>BNB is, as its name suggests, most heavily traded on the Binance exchange. This means the asset is highly dependent on those markets for its price discovery.&nbsp;<\/p>\n\n\n\n<p>Binance has offered multiple trading pairs with fiat. But for BNB, the most significant source of liquidity is Tether (USDT), the most influential dollar-pegged digital asset. BNB has a relatively small market against BTC, and additional liquidity comes from BUSD, Binance\u2019s own dollar-pegged asset.<\/p>\n\n\n\n<p>BNB also offers liquidity to multiple smaller altcoins. Binance became one of the most important hubs for price discovery, and a listing meant a coin could boost its price position. However, some of the newly listed pairings either move directly to Binance DEX, or have relatively small liquidity on the centralized exchange.&nbsp;<\/p>\n##","protected":false},"excerpt":{"rendered":"<p>BNB is making all-time highs, with expectations of an attempt to vault $500 in what looks like altcoin season warming up for new gains.<\/p>\n","protected":false},"author":3,"featured_media":28,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[23,99,98,5,100],"class_list":["post-455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-binance","tag-binance-coin","tag-bnb","tag-defi","tag-pancake-swap","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=455"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/28"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}