Binance Price Prediction 2024: Changpeng Zhao Faces Jail, but What Now for BNB?
What's next for Binance?
la 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 will be sentenced in April.
- What does this mean for Binance’s BNB coin?
- A Binance price prediction says BNB could reach $953.89 in 2025.
In late 2024, Binance founder Changpeng Zhao pleaded guilty to charges of contravening anti-money laundering violations brought by the United States Securities and Exchange Commission (SEC). Although Zhao will be sentenced in April, he resigned from his position as the exchange’s CEO.
However, what does this mean for Binance’s BNB coin?
On February 22, 2024, BNB was worth about $382.60, its best price since May 2023.
Binance did not immediately 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 August 22 2023.
Binance Coin Price Prediction
Let’s examine some of the Binance price predictions being made on February 22, 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.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $445.46 | $894.33 | $2,235.83 |
| Prediction #2 | $814.47 | $953.89 | $2,831.72 |
| Prediction #3 | $316.84 | $304.76 | $5,274 |
CoinCodex had a short-term Binance price prediction which suggested that a proper recovery was on its way. It said the coin would reach $407.26 by February 27 and then shoot up to $529.45 on March 23. The site’s technical analysis was bullish, with 27 indicators making upbeat signals and just five making bearish ones.
Binance Price Prediction for 2024
CaptainAltCoin suggested Binance would go up to $445.46 by December. DigitalCoinPrice argued that BNB would trade at $814.47 this year. On the other hand, CryptoPredictions.com was a bit more bearish, suggesting it could close the year at $316.84.
Binance Price Prediction for 2025
CaptainAltCoin said BNB would trade at $894.33 next year. CryptoPredictions.com, meanwhile, said it would fall, closing the year at $304.76. DigitalCoinPrice argued that the Binance coin could trade at $953.89 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 $2,831.72. CaptainAltCoin also saw the coin passing the $1,000 barrier, trading at $2,235.83. PricePrediction.net was even more optimistic, claiming the coin would be worth $5,274.
Google Gemini AI Price Prediction for Binance (as of February 22)
Google’s Gemini AI platform gave the following price prediction for Binance on February 22. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short-term (Next few months):
Bullish:
- Recent price movement: BNB has seen positive momentum recently, climbing 11.18% in the last week. Technical indicators on some platforms show bullish sentiment.
- Fear & Greed Index: Currently at 72 (Greed), indicating market optimism around BNB.
- Continued BNB utility: Expanding use cases within the Binance ecosystem could drive demand.
Bearish:
- Market correction: A broader crypto market downturn could pull BNB down with it.
- Regulatory concerns: Increased regulatory scrutiny for cryptocurrencies could create uncertainty.
- Competition: Growing use of alternative coins could attract users away from BNB.
Medium-term (Next 6-12 months):
Bullish:
- Binance exchange growth: Continued adoption and trading volume on the Binance exchange could benefit BNB.
- BNB burning: Regular token burning reduces supply, potentially increasing value.
- NFT and DeFi integration: Expanding BNB’s role in NFTs and DeFi could broaden its appeal.
Neutral:
- Market stability: If the crypto market stabilizes, BNB might maintain its current price range.
- New regulations: Impact of regulations on BNB’s utility and price remains unclear.
Bearish:
- Economic slowdown: A global economic downturn could dampen crypto adoption and BNB’s price.
- Security breaches: Any major security issues on the Binance platform could damage trust and price.
Long-term (Next 5+ years):
Bullish:
- Cryptocurrency mainstream adoption: If crypto becomes widely accepted, BNB could benefit as a major exchange token.
- Technological advancements: Innovations in the blockchain space could enhance BNB’s functionality and value.
- Increased institutional adoption: More widespread institutional investment in crypto could boost BNB’s price.
Neutral:
- Competition: Long-term impact of competition from other cryptocurrencies is difficult to predict.
- Regulation: Long-term regulatory landscape and its impact on BNB are uncertain.
Bearish:
- Technological disruptions: New technologies could render BNB obsolete.
- Loss of market share: Binance losing market share to other exchanges could negatively affect BNB.
It added: “Remember, these are just possibilities, and the actual price could differ significantly. Do your own research and due diligence before making any investment decisions.”
Advantages and Disadvantages of Binance
Blockchain analytics company Messari recently released its quarterly report on the Binance coin . It highlighted that the Binance blockchain hosted the third-largest stablecoin collection by market cap, and outlined some key advantages and disadvantages of the blockchain.
It reported that Binance had
- One million average active daily addresses, down from a 1.1 million both year-on-year and quarter-on-quarter.
- 4.6 million average daily transactions, up from 3.4 million year-on-year and up from 3.5 million quarter-on-quarter.
- An average market cap of $48.9 billion, up year-on-year from $40.2 billion and up quarter-on-quarter from $33.1 billion.
- Quarterly revenue of $39.2 million, down from $59.8 million the previous year but up from $30.9 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
- Was struggling after the SEC’s legal action.
- Had most of its hosted DeFi protocols Total Value Locked (TVL) drop over the course of the quarter.
- Reduced its gas fees due to market pressure, which suggested it needed to keep competitive.
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
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
At that time, there were about 149.5 million BNB in circulation, representing the total supply. This gave the coin a market cap of about $57.2 billion, making it the fourth-largest crypto by that measurement.
Binance Price Analysis
BNB ended a long-lasting correction on a $200 low in mid-October, coming from an all-time high of nearly $700. This was the point from which the current uptrend started, reaching a high of $382.60 on February 22.
That high meant there was, finally, a breakout above the horizontal resistance. It looks like we’re in the late stages of the first uptrend in a bull cycle. It will drop back, but BNB will reach a higher low than before.
Binance could fall as low as $270 but, after that, there should be a bigger uptrend that could lead BNB to a new all-time high.
Is Binance a Good Investment?
It is difficult to tell. Although Zhao has 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.
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.
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, in turn, was 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
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
Will BNB reach $1,000?
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.
Will BNB reach $1,000?
What is BNB used for?
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.
