BNB (BNB) price – EUR & USD

The BNB price (Binance Coin price) has historically fluctuated between $0.1 (August 1, 2017) and $690 (May 10, 2021). BNB is the native currency of BNB Chain, one of the largest smart contract platforms on the market. BNB’s value is based on its usage in the BNB Chain and Binance exchange. The price of BNB can rise significantly if Binance maintains its position as the leading cryptocurrency exchange in the market.

BNB (Binance Coin) price history

The BNB price (Binance Coin price) has historically fluctuated between $0.1 (August 1, 2017) and $690 (May 10, 2021). BNB’s price history starts in July 2017. The data is based on Coinmarketcap.

BNB was launched on the market by the Binance exchange. The ticker has always been BNB, but the cryptocurrency was initially known as Binance Coin. This is why we are also talking about the Binance Coin price. BNB was initially an ERC-20 token operating on the Ethereum platform.

BNB (Binance Coin) launched in July 2017 at $0.1. In December 2017, it reached a price of more than 10 dollars. In January 2018, BNB rose already to 23 dollars! 2018 was weak for BNB, but its price fell less than that of many competing cryptocurrencies. BNB fell to $4.2 at its worst in December 2018, representing an 82 percent drop from its peak.

In the spring of 2019, BNB was one of the best performers on the market and rose to a new all-time high ($39) in June 2019. The launch of the Binance Chain blockchain and Binance Launchpad boosted BNB and brought more use cases to the token.

The graph below shows the history of the BNB price (Binance Coin price).

bnb price

The year 2020 was relatively quiet for BNB compared to the rest of the market. However, Binance Smart Chain was launched in the fall of 2020. This blockchain quickly gained popularity, which helped to boost the price of BNB to new heights in the spring of 2021.

Binance Smart Chain was one of Ethereum’s biggest challengers in 2021. Its DeFi ecosystem was way ahead of the competition at the time, increasing demand for BNB and pushing the token to a new ATH ($690) in May 2021.

The year 2022 was challenging for the entire market, and BNB’s price fell along with the rest of the crypto market. At its worst, BNB fell to $196. However, like in 2018, it held its value better than many other popular cryptos.

A rebranding also took place in 2022. Binance Coin changed its name to BNB (the same as its ticker), and Binance Smart Chain became BNB Chain.

The year 2023 started excellently for BNB. During January and February, BNB’s price rose by 35 percent and reached $330. However, this was the start of a downward and sideways movement that continued throughout the rest of the year. At the end of October, the crypto and stock markets rose sharply, but BNB did not participate in this rally.

The price of BNB increased only 27% in 2023, which is a low reading compared to its competitors. The first quarter of 2024 has been robust for BNB, and its price has risen in line with the rest of the market.

What is BNB?

BNB is the native currency of BNB Chain, one of the largest smart contract platforms on the market. Its competitors are, for example, Ethereum, Tron, Cardano, and Solana.

BNB was launched as a token on the Ethereum platform by the Binance exchange in 2017. It was then called Binance Coin. Binance Coin was initially used on the Binance exchange, which could be used to get a discount on trading fees.

Binance launched the Binance Chain blockchain in 2019 and the Binance Smart Chain in 2020. At the same time, the BNB token became the native token of both blockchains, and most of the liquidity moved from the Ethereum platform to Binance’s blockchains.

It is also important to note that in the spring of 2022, Binance underwent a rebranding. At that time, Binance Coin became BNB, and Binance Smart Chain became BNB Chain. The purpose was to underline BNB’s role outside of Binance.

Despite the rebranding, BNB’s role on the Binance exchange has been maintained. BNB is not just a native token of a smart contract platform like ETH, SOL, or ADA. BNB is. It can be seen as a hybrid of the exchange’s usage token and the native token of a smart contract platform.

Our comprehensive BNB Chain beginner’s guide provides more about BNB’s history and technology.

What is the value of BNB based on?

BNB’s value is based on its usage in the BNB Chain and Binance exchange. It was initially based only on usage within the Binance exchange. Binance is still one of the drivers of BNB’s value because holding BNB opens the way for, e.g., Binance Launchpad and cheaper trading fees.

Below is a picture of the front page of the Binance exchange. A beginner’s guide to the Binance exchange is also available here.

binance

The launch of the Binance Smart Chain (now BNB Chain) in 2022 raised the demand for BNB to a new level. The smart contract platform was top-rated in the spring of 2021. Measured by liquidity, it is still one of the three most prominent platforms on the market.

Since BNB is the native token of the BNB Chain, transactions on that blockchain must be paid for. Every transfer from one wallet to another or trade on BNB Chain exchanges consumes BNB. In other words, BNB Chain users must buy and hold BNB.

BNB gets its value from the same source as other native tokens of smart contract platforms, such as ETH, ADA, and SOL. BNB also has the advantage of playing a role in the Binance exchange, which other similar tokens do not have.

It is good to remember the token burns the Binance exchange carried out. Every quarter, Binance uses the profits made by the exchange to burn some of the BNB reserves. BNB is thus a deflationary cryptocurrency, increasing its value even further.

BNB price forecast

The price of BNB can rise significantly if Binance maintains its position as the leading cryptocurrency exchange in the market. Binance already has over 180 million customers, and the company’s growth will create more demand for BNB within the exchange.

In addition to Binance, BNB’s price is affected by the popularity of BNB Chain. So far, BNB is one of Ethereum’s biggest challengers. It has been one of the most popular platforms on the market regarding liquidity since 2021. Below is a list of the biggest platforms in the DeFi sector.

PlatformNative tokenTVLMarket share
Ethereum ETH $50.3 billion 57.0%
Tron TRX $9.5 billion 10.7%
BNB Chain BNB $5.7 billion 6.3%
Solana SOL $4.6 billion 5.2%
Arbitrum ARB $3.2 billion 3.6%
Blast BLAST $1.3 billion 1.5%
Avalanche AVAX 1.2 billion 1.4%
Base - 1.2 billion 1.3%

BNB Chain’s advantage is fast and cheap transactions, and many popular applications have been built on the platform. BNB Chain is used a lot, even compared to Ethereum. BNB’s success is strongly linked to the BNB Chain and the Binance exchange, leading to negative scenarios.

The Binance exchange has often been in the headlines in connection with the authorities. Its position in the market is solid, but how long can the growth continue? Will Binance fall into the teeth of regulators in critical markets? This risk can also affect the demand for BNB.

The biggest threat probably comes from Ethereum’s scaling options in the race for smart contract platforms. Layer 2 options Optimism, Arbitrum, and Ethereum sidechain Polygon have grown in popularity enormously.

BNB’s price potential is significantly better than that of many other smart contract platforms. Its competitive position is also solid, and BNB has other value drivers than just the demand for BNB Chain.

If you are interested in investing in BNB, check out this article: How to buy BNB. It provides clear instructions on how to buy BNB on the Binance exchange and explains BNB’s investment potential.