Home / Price Predictions / Binance Price Prediction 2024: BNB Reaches New All-time High

Binance Price Prediction 2024: BNB Reaches New All-time High

Last Updated June 5, 2024 9:35 AM
Peter Henn
Last Updated June 5, 2024 9:35 AM

Key Takeaways

  • Binance is the world’s largest crypto exchange and BNB is its native coin.
  • The platform’s founder, Changpeng “CZ” Zhao, pleaded guilty to fraud charges and is serving a four-month sentence.
  • Despite the news, BNB reached a new all-time high in early June.
  • One Binance price prediction says BNB could reach $1,785.66 in 2025.

On April 30, 2024, Binance founder Changpeng Zhao was jailed for four months after pleading guilty to charges of contravening anti-money laundering violations brought by the United States Securities and Exchange Commission (SEC).

Zhao, who quit as Binance CEO in 2023, is one of a small group of billionaires to be sent to prison.

However, what does this mean for Binance’s BNB coin?

On June 5, 2024, BNB was worth about $706.97. Its value increased after the jailing news and reached a new all-time high.

Binance did not respond to a request for comment.

But what is Binance (BNB)? How does Binance work? Let’s see if we can answer those questions and also take a look at some of the Binance price predictions that were being made as of June 5, 2024. 

Binance Coin Price Prediction 

Let’s examine some of the Binance price predictions being made on June 5, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $1,248.70 $1,578.94 $3,394.71
Prediction #2 $1,545.63 $1,785.66 $5,266.17
Prediction #3 $599.36 $604.64 $9,074

CoinCodex  had a short-term Binance price prediction which suggested that a proper recovery was on its way. It said the coin would reach $739.19 by June 12 and then shoot up to $802.10 on July 4. The site’s technical analysis was bullish, with three indicators sending bearish signals and 28 making encouraging ones.  

Binance Price Prediction for 2024

CaptainAltCoin  suggested Binance would go up to $1,248.70 by December. DigitalCoinPrice  argued that BNB would trade at $1,545.63 this year. On the other hand, CryptoPredictions.com  was a bit more bearish, suggesting it could close the year at $599.36.  

Binance Price Prediction for 2025

CaptainAltCoin said BNB would trade at $1,578.94 next year. CryptoPredictions.com, meanwhile, said it close the year at $604.64. DigitalCoinPrice argued that the Binance coin could trade at $1,785.66 in 2025. 

Binance Price Prediction for 2030

Let’s look at some long-term Binance price predictions. DigitalCoinPrice made a Binance price prediction for 2030 of $5,266.17. CaptainAltCoin said BNB would trade at $3,394.71. PricePrediction.net  was even more optimistic, claiming the coin would be worth $9,074 at the start of the next decade.

Google Gemini AI Price Prediction for Binance (as of June 5)

Google’s Gemini AI platform gave the following price prediction for Binance on June 5. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-Term (Next few months):

  • Price Prediction:

    • Slightly bearish in the immediate future. Short-term predictions suggest a potential decrease of around 0.55% by May 1st, 2024. This aligns with the current market sentiment which shows some bearishness alongside the broader cryptocurrency market correction.
  • Reasons:

    • Market Correction: The entire cryptocurrency market is experiencing a downturn, impacting BNB price as well.
    • Legal Uncertainty: Pending legal issues surrounding Binance CEO Changpeng Zhao could create short-term selling pressure.

Medium-Term (Next one-two years):

  • Price Prediction:

    • Moderately bullish. Predictions range from a minimum of $330 to a maximum of $840 by 2025.
  • Reasons:

    • Binance Ecosystem Growth: Continued adoption and expansion of the Binance ecosystem (e.g., Binance Smart Chain, BNB Chain) could drive demand for BNB.
    • Potential Regulatory Clarity: Regulatory clarity in the cryptocurrency space could bring more institutional investors, potentially benefiting BNB.

Long-Term (Next five years):

  • Price Prediction:

    • Significantly bullish. Long-term predictions suggest a potential high of $22,960 by 2049, with a minimum of $1,947.
  • Reasons:

    • Mass Adoption: If cryptocurrency adoption continues to grow significantly, BNB, as a major player in the industry, could benefit immensely.
    • Technological Advancements: Further advancements within the Binance ecosystem and BNB Chain technology could significantly increase its value proposition.

Important Caveats:

  • Cryptocurrency price predictions are highly speculative and should not be taken as financial advice.
  • The market is volatile, and short-term fluctuations can be significant.
  • These predictions are based on current trends and could change drastically based on unforeseen events.

It added: “It’s crucial to conduct your own research and consider various factors before making any investment decisions related to BNB.”

Advantages and Disadvantages of Binance

Blockchain analytics company Messari recently released its quarterly report on the Binance coin . It highlighted that the Binance blockchain benefitted from interest in stablecoins and decentralized exchanges, and outlined some key advantages and disadvantages of the blockchain.

It reported that Binance had

  • 1.3 million average active daily addresses, up from one million both year-on-year and quarter-on-quarter.
  • 4.3 million average daily transactions, up from 3.3 million year-on-year but down from 4.6 million quarter-on-quarter.
  • An average market cap of $92.5 billion, up year-on-year from $50.2 billion and up quarter-on-quarter from $48.9 billion.
  • Quarterly revenue of $66.8 million, up from $56.8 million the previous year and up from $39.2 million the previous quarter.

Advantages of Binance

Messari found that Binance

  • Was able to grow its customer base despite uncertainty.
  • Worked on increasing the amount of staking options available on the platform.
  • Had a “robust” decentralized finance (DeFi) ecosystem and was working well on growing the network.

Disadvantages of Binance

Messari also found that Binance

  • Had to deal with the SEC’s legal action.
  • Had seen its gaming sector drop over the course of the quarter.
  • Experienced a drop in its average daily transactions due to a fall in inscription-related activity.

BNB Price History

Let’s cast our eyes over the Binance price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help us when it comes to either making or interpreting a Binance price prediction.

What was then known as BSC was worth about $0.10 first came onto the open market in the summer of 2017. It rose above the dollar later that year and $10 the following year. Things really started to get interesting in 2021. The crypto market boomed and Binance skyrocketed, hitting an all-time high of $690.93 on May 10. A variety of factors, not least Binance’s own UK ban, saw the price drop over the year, but it still managed to close 2021 at around $500. 

In 2022, though, things got bad for both crypto and Binance. The coin suffered through the collapse of the Terra (LUNC)  blockchain and FTX’s bankruptcy, not to mention an SEC investigation into claims BNB was an unlicensed security, and it closed the year at $246.45. 

BNB in 2023 and 2024

BNB price history
BNB price in 2023 and 2024. | Credit: CoinMarketCap

2023 was somewhat better, with BNB reaching a high of $350.07 on April 17. After that, though, it settled down and the slump became a crash following the SEC lawsuit.

It reached a low of $222.07 on June 12. In the weeks after that, it made a small, but underwhelming, recovery, reaching $248.51 on August 2. BNB closed the year at $312.44, an annual rise of 25%. This meant the coin had underperformed against a market which more than doubled in 2023. 

By February 22, Binance was worth about $382.60. March saw it break past $600 for the first time in more than two years as Bitcoin hit an all-time high, peaking at $641.48. It then dropped and Zhao’s jailing saw it fall even further, reaching about $549 on May 1. It then went up to $591.44 on May 7, 2024. On June 5, it reached a new all-time high of $706.97.

At that time, there were about 147.6 million BNB in circulation, representing the total supply. This gave the coin a market cap of about $104.3 billion, making it the fourth largest crypto by that measurement.

Binance Historical Price Data

Period Binance Price
Today (June 5, 2024) $706.97
Last week (May 29, 2024) $599.05
Last month (May 5, 2024) $594.91
Three months ago (March 5, 2024) $419.02
Last year (June 5, 2023) $281.48
Launch price (July 26, 2017) $0.1059
All-time high (June 5, 2024) $706.97
All-time low (July 26, 2017) $0.1059

Binance Price Analysis

Binance Price Analysis
BNB is at an all-time high, but there could be more to come | Credit: Nikola Lazic/TradingView

After reaching a high of $640 on March 16, BNB’s price fell to a low of $505 on March 20, the lowest point since that date. It then began forming a pattern of higher lows, the most recent on May 1, when it dropped to $540 from a high of $620 on April 26, indicating horizontal resistance.

This suggested that BNB was in a consolidation phase, likely setting up for a continuation of the broader uptrend that began in October 2023. According to Elliott Wave Theory, this activity is probably part of the fourth wave in a five-wave upward sequence.

The price movements triangle represented a five-wave ABCDE pattern typical of a fourth wave. The rise since May 1 shows a five-wave structure, indicating it might be part of a new upward trend.

BNB broke above the $620 resistance on June 4, which signals a bullish scenario. This could set the stage for BNB to reach a new all-time high of $713. Our next likely target is set at around $850.

Is Binance a Good Investment?

It is difficult to tell at this time. Although Zhao resigned and his successor, Richard Teng, is looking to the future, there will, at least in the near-future, be a dark cloud hanging over the prospects of the BNB coin. Its founder’s jailing will not have helped matters, either.

On the other hand, markets have proven to be resilient, and it is not impossible to think that the crypto could make something of a recovery at some point, although we do not know when that might be. 

As always with crypto, you will need to do your own research before deciding whether or not to invest in BNB. 

Will Binance go up or down?

No one can really tell right now. A lot of sites are incredibly bullish in the long-term. Those sites, like most price predictions, very often end up being wrong. Remember, too, that prices can, and do, go down as well as up. 

Should I invest in Binance?

Before you invest in Binance, you must make sure to do your own research, not only on BNB but on other coins and tokens linked to cryptocurrency exchanges, such as Crypto.com’s Cronos (CRO) coin. Ultimately, though, you will have to make this decision for yourself. Just remember to never invest more money than you can afford to lose.  

Who is the Founder of Binance?

Changpeng “CZ” Zhao founded the Binance crypto exchange in 2017, with its native crypto also coming out that year.

Who Owns the Most Binance Coins?

On June 5, 2024, a Binance wallet held nearly 50% of the supply of BNB.

Richest BNB Wallet Addresses

On June 5, 2024, the wallets with the most Binance (BNB) were:

  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 11,977,116 BNB, or 49.62% of the supply.
  • 0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c. This wallet held 2,389,710 BNB, or 9.90% of the supply.
  • 0x4b16c5de96eb2117bbe5fd171e4d203624b014aa. This wallet held 1,364,102 BNB, or 5.65% of the supply.
  • 0x489a8756c18c0b8b24ec2a2b9ff3d4d447f79bec. This wallet held 1,020,095 BNB, or 4.23% of the supply.
  • 0xa07c5b74c9b40447a954e1466938b865b6bbea36. This wallet held 482,568 BNB, or 2.00% of the supply.

Fact Box

Supply and distribution Figures
Total supply 147,584,957
Circulating supply (as of June 5, 2024) 147,584,957 (100% of total supply)
Holder distribution Top 10 holders owned 75.99% of supply, as of June 5, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Binance says that it was designed to solve the technical limitations, security issues and token availability issues that plagued exchanges when it came out. 

As far as the Binance’s BNB coin goes, the whitepaper said: “We will issue our token coin, called the Binance Coin. A strict limit of 200MM BNB will be created, never to be increased. BNB will run natively on the Ethereum (ETH) blockchain.”

It is worth pointing out that, in 2019, Binance launched its own blockchain and moved BNB onto it.

Binance (BNB) Explained

The Binance cryptocurrency was originally launched in 2017. Initially, it was a token based on the Ethereum blockchain but, in 2019, it migrated to its own blockchain, the Binance Smart Chain. This, chain ended up being rebranded as the BNB Chain in February 2022.

The idea behind the BNB chain is that it serves as a support to not only the exchange, but also the entire Binance online ecosystem, which includes the Binance Wallet, Binance Academy training program, the Binance launchpad, which helps people create their own decentralized applications, and its own research project. 

The BNB coin pays for fees on the network, and people can buy, sell, and trade it on exchanges. Holders can also vote on proposals regarding the network’s future. They can also stake it in return for rewards. 

How Binance Works

Something that sets BNB apart from other cryptos is that it has a strong burning program. Binance destroys a certain amount of the coin every three months or so. The ultimate aim is to burn 100 million BNB, or around half the maximum supply. The last  automated burning took place in January 2024, with more than two million BNB destroyed. 

Binance’s blockchain uses something called a Proof of Staked Authority. This involves people staking their BNB in the hope of being allowed to add blocks to the blockchain and earn rewards for doing so. The Binance platform itself chooses the successful validators.

Binance Attention Tracker

Binance Google search volume
Binance Google search volume. | Credit: Google

Here is a chart for the Binance Google search volume for the past 90 days. This represents how many times the term “Binance” has been Googled over the previous 90 days. 

FAQs 

How many BNB are there?

As of June 5, 2024, there were about 147.6 million BNB in circulation, representing the total supply.

Will BNB reach $1,000?

It could happen as soon as this year, according to DigitalCoinPrice. CaptainAltCoin and PricePrediction.net both think BNB should hit four figures next year.

 

What is BNB used for?

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.