According to Coin Price Forecast, Binance Coin will reach $2,184 by mid-2021 and end the year at $5,351, an increase of +856%.
The current price of Binance Coin is $339.12 and it reached an all-time high of $606 on 21st April 2021. With a market cap of $51,940,319,129, Binance Coin is the fourth-largest cryptocurrency in the world.
The reason Binance Coin is rising is owing to the Binance Smart Chain (BSC), a parallel chain for dApps and DeFi Services. According to a report, High Ethereum transaction fees are often cited as the primary reason why BSC usage has increased so much. Another reason being the increased trading activity of Binance Coin. Also, high usage of the Binance Exchange would further increase demand for BNB and increase its price.
Binance Coin has a huge potential and is soaring high powered by the Binance Smart Chain. The increase in prices shows its potential since the launch, and the possibility of DeFi replacing traditional finance will further benefit it.
All the above factor makes Binance Coin as a great investment opportunity among other cryptocurrencies. “But some concerns need to be addressed too. The biggest being that the DeFi market could actually devour the Binance Exchange. Binance is trying to hold on to its central role in digital-asset markets as upstart DeFi projects like Uniswap, Curve, Balancer and SushiSwap attract a bigger share of industry trading volumes”, according to Muyao Shen of CoinDesk.