BNB, the crypto of the Binance ecosystem, could reach the value of $2,775 by 2028, marking an increase of over 360% compared to the current price of about $600. This is according to a research report published by Standard Chartered. This increase, more than four times its present value, positions BNB as one of the most promising cryptocurrencies in the medium term.
The evaluation of Standard Chartered is primarily based on the analysis of BNB trading patterns, which have shown a strong correlation with the performance of Bitcoin and Ethereum since May 2021. This data suggests a potential for stability and intrinsic strength, despite the typical fluctuations of the crypto market.
Standard Chartered report: the role of Binance and the solidity of BNB
Geoff Kendrick, head of digital asset research at Standard Chartered, highlights how the value of BNB is still strongly tied to the dominance exerted by Binance, the leading cryptocurrency exchange. As long as Binance maintains its leadership position, it is unlikely that the fundamentals of BNB will undergo significant changes.
Furthermore, Kendrick suggests that BNB has the potential to become a benchmark of digital assets, thus strengthening its importance in the sector. Its chain, the BNB Chain, primarily focuses on specific areas such as decentralized exchanges, lending protocols, and liquid staking. This specialization makes BNB a more focused and “traditional” project in its smart contract offering, especially when compared to competitors like Ethereum and Avalanche.
BNB: resilience and performance in a volatile and uncertain market
Despite a broader market decline, BNB demonstrated remarkable resilience in April 2024, maintaining a strong position while many other altcoins suffered losses of up to 98%. Currently, BNB is the fifth cryptocurrency by market capitalization and is trading at less than 25% of its all-time high, highlighting a significantly better performance compared to most other digital coins.
This resilience of BNB is also reflected in its adoption, which remains very high thanks to the leadership of BNB Chain in the decentralized applications (dApp) sector. According to data from DappRadar, the network supports as many as 5,686 dApps, surpassing Ethereum, which supports about 4,988, and significantly Polygon with 2,406.
Adoption of the DeFi ecosystem and institutional interest
“`html
In the field of decentralized finance (DeFi), BNB Chain ranks fourth for total value locked (TVL) with approximately $5.8 billion. This position is behind Ethereum, Solana, and Bitcoin, confirming a solid ecosystem but still in a growth phase compared to the more established leaders.
“`
An important signal of the growing maturity of BNB in the financial landscape comes from Wall Street. The important fund manager VanEck has recently filed a registration statement with the SEC for the launch of the first U.S. ETF dedicated to BNB.
This exchange-traded fund, known as VanEck BNB ETF, will be designed to directly track the spot price of BNB and may include staking features, allowing investors to earn rewards in BNB in addition to exposure to price gains.
However, it is important to emphasize that the launch of the ETF is subject to approvals from the SEC and stock exchanges, without which this product cannot be formally launched.
BNB Chain: a “traditional” smart contract platform
The BNB Chain stands out for a more focused and traditional approach compared to other smart contract platforms. It pays greater attention to specific decentralized services, such as decentralized exchanges, lending protocols, and staking, without the vast range of services offered by platforms like Ethereum.
This specialization could result in a competitive advantage, as it promotes greater efficiency and potential adoption by dApp developers focused on these sectors.
Impact and future prospects for BNB
The report by Standard Chartered highlights that BNB is not only an important cryptocurrency but also a digital asset capable of maintaining stability and growth in a complex and volatile market. The anchoring to Binance’s dominance, the leadership in dApps, and the significant position in DeFi suggest scenarios of sustainable growth and consolidation in the institutional field.
Looking ahead, the approval and launch of the VanEck BNB ETF could represent a turning point for the spread of BNB among institutional investors, improving its liquidity and visibility in the global market.
Investors and cryptocurrency enthusiasts should closely monitor these dynamics, as they could lead to further significant developments for BNB and the entire Binance Chain ecosystem in the coming years.
To make the most of the opportunities offered by BNB, it is essential to follow the regulatory and technical evolution of this cryptocurrency, carefully evaluating the risks and potential offered by this rapidly evolving sector.