In summary
Bitcoin is not the only cryptocurrency that will probably shoot. BNB It is on the way to an increase of 360%, according to Standard Chartered.
The utility token, which works in its own blockchain, has been operating in line with Bitcoin and Ethereum, according to the Banco Digital Asset Research Chief, Geoffrey Kendrick.
And this will probably continue, despite the fact that the asset has little utility, Kendrick added in a note on Tuesday.
“BNB has operated almost exactly in line with a non -weighted basket of Bitcoin and Ethereum since May 2021 in terms of yields and volatility. We hope that this ratio remains valid, promoting the price of BNB from around $ 600 currently to $ 2,775 by the end of 2028,” said the note.
BNB is the fifth largest cryptocurrency with a market capitalization of $ 87,000 million and was recently being negotiated for $ 595, according to Coingcko data.
The asset was launched in 2017 by Binance, the largest cryptocurrency market in the world, and previously worked on the Ethereum Network.
Then it became the native BNB Chain currency, a cryptocurrency network used by developers to build decentralized applications.
And although developers do not use the currency network to build as they do with other chains, the currency is still popular among traders, Kendrick said.
“Due to its low number of developers, BNB cases have remained static compared to other similar chains,” Kendrick said, adding that this gives the currency a level of stability.
He added that: “Assuming that Binance remains one of the biggest [exchanges centralizados]BNB value drivers will probably not change in the short term. Given this, we see the potential for BNB to serve as a reference form, or average, for digital assets prices more broadly. “
El Standard Chartered predicted Last month that Bitcoin will continue to increase at the price, reaching $ 200,000 by the end of the year as investors withdraw more and more money from US assets and reallocate them to crypto space.
Edited by James Rubin
