Binance Coin (CCC:BNB) is on the move today after setting another all-time high. With the cryptocurrency climbing and raising mainstream attention, what do you need to know? And what are experts saying in terms of Binance Coin (BNB) price predictions?
To start, investors should make sure they understand what Binance Coin is all about. Essentially, the cryptocurrency launched in 2017. Just a few days later, the popular Binance crypto exchange launched. Although it initially relied on the Ethereum network, BNB expanded and now leverages a decentralized finance (DeFi) ecosystem unique to Binance.
And logically, crypto bulls can trade BNB on the Binance exchange, but it is also available on other exchanges. According to CoinMarketCap, investors can use it as a payment method or a utility token, and BNB also powers the Binance DEX, the decentralized exchange.
So why does this all matter today? Well, BNB is up roughly 35% over the last 24 hours, hitting a new all-time high above $195. This comes after massive gains in 2021, and a recent series of record highs. Bulls are now questioning what is behind the rise, and what comes next for Binance Coin (BNB) price predictions.
It turns out that things are looking rather sweet for Binance and BNB. Average trading volume in the cryptocurrency continues to grow, and DeFi solutions from Binance continue to gain appeal. Binance continues to add more DeFi integrations and announce new partnerships on its Binance Smart Chain. Those recent announcements include news that PancakeSwap (CCC:CAKE) will run its token on the BSC. With this in mind, the latest data suggests that $8.4 billion is locked into the BSC. This is growth of nearly 20% in the last 24 hours.
Binance Coin (BNB) Price Predictions: What Comes Next?
So what comes next for Binance? And what about Binance Coin (BNB) price predictions?
Right now, it seems that the most important narrative is the growth of the Binance Smart Chain and all things DeFi with Binance. This comes amid a broader cryptocurrency boom, and growing mainstream interest in decentralized finance. With big names behind the Reddit rally going before Congress today, perhaps it is only fitting that BNB hit a new all-time high. Plus, with Binance looking to up its competition against Ethereum, BNB could continue to stay in the spotlight. Ethereum is working to improve its capacity, but in the meantime, BSC could rack up new DeFi partnerships.
With all that in mind, keep a close eye on BNB. The latest Binance Coin (BNB) price predictions are split. While some experts see another quick move to $200 as the next step, some outline the risks to the crypto after its recent rally. No matter what, this token, and the Binance DeFi narrative, are worthy of your attention here.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.
