Great summary,
As a Binance user I agree with most of what is said here even if the forecast on BNB price seems a bit optimistic to me. Only reason refraining me to own BNB beyond a small line used for fee payment is that it is adding risk to the overall crypto risk: I mean if for whatever reason Binance platform is having an issue then BNB will be on the front line.
Topic: Binance (BNB) - Analysis on 2018 - Projected 10x by Q1/Q2 (Read 234 times)
Binance (BNB)
I would like to make a disclaimer that this is complete speculation on Binance and I am not advising anyone to buy the currency or move to the exchange. This is a compilation of research and feedback I have collected on the exchange and I am presenting it in an organized fashion as there has been an increase of interest in Binance recently.
The shift from Bittrex to Binance.
As of December 14th, 2017 Bittrex has closed it's registration process for new users due to overwhelming amounts of traffic. This has been a major event, especially with the coming year of 2018 in which cryptocurrency trading has become a lot more mainstream. There have been thousands of new users who are wanting to participate in the cryptocurrency market every day and be able to trade their BTC purchases for other coins. Currently with Bittrex registrations closed, a lot of people are choosing to use Binance as it is a very popular alternative to Bittrex. If Bittrex continues to close its registrations for a while, Binance will continue to dominate trading volume. As of January 4th, 2018 Binance has surpassed Bittrex in trading volume with a total of $6,000,000,000+ compared to Bittrex with about $3,400,000,000. I know that personally a lot of my friends who are recently getting into cryptocurrency are being led to Binance before learning about Bittrex, even more so now that Bittrex registration is closed.
Superior development team.
Very recently Bittrex has pushed out a few updates to their exchange that have been very minimal changes. There has been a lot of outrage due to the fact that Bittrex makes so much money with their high exchange fees yet provide minimal development work and fail to fix important bugs or add significant features that users are requesting. On the other hand, Binance which used to be a very buggy and feature lacking exchange now has listened to user requests and added key features such as stop losses, patching user interface bugs, adding trading tools, etc. The rate at which patches and features come out is very attractive for new users. One of the big development pushes that has made Binance so popular is the trading mobile app. There is a large niche for mobile apps in the cryptocurrency community and Binance is one of the few exchanges that have a stand-alone mobile app for trading. This makes it easy for users to make buys and sells while they are on the go, one of the major reasons that people choose to use exchanges such as Binance over Bittrex, HitBTC, etc. A key to the success of a major exchange is communication and interaction with the community, in my eyes, Binance has a great relationship with users and listens to the feedback they receive making it a great candidate to invest in. As well as that, the technical support on Binance has been able to mitigate massive amounts of traffic almost flawlessly with minimal downtime compared to the horrific lag that has caused stop losses to not hit and lot's of crashing on Bittrex recently.
Close communications and strong support team.
A lot of people have been complaining recently of the lacking in support members on the Bittrex team. There have been many horror stories on Reddit of people getting locked out of accounts, of the support team taking weeks or months to respond, etc. This in my eyes is very unacceptable for an exchange that is one of the most popular choices for exchanging altcoins. There are a lot of problems with ID verification and their manual review system, some people waiting weeks to get approved or even reviewed. Binance, on the other hand, has been very swift, even with the massive increase in registrations that it has experienced this past month. I have personally submitted multiple tickets with Binance and have received responses in under 24 hours, compared to Bittrex which I have sometimes had to wait for up to 2 weeks. This alone is the reason that I hold most of my trading currencies on Binance.
Binance saves you money and the currency can be used.
What I love about Binance is the fact that the withdrawal limitations are very lenient. As someone who frequently trades with multiple BTC, I find it frustrating when I can't withdraw large amounts of money in a given time frame. This, however, is not a problem with Binance. As well, fees are 50% cheaper on trades if you use the Binance currency (BNB) to pay the fee as compared to BTC. This provides an incentive for a lot of users to purchase the exchange's currency and even trade with BNB as opposed to BTC. As we can see by the recent increase in traffic to Binance, the value of BNB has gone up more than 500% the last half of a month. As more people begin moving to Binance, I believe the value of BNB will continue increasing exponentially.
Technical analysis side of BNB.
Although BNB is very high right now, I think it can be one of the most profitable coins to long-term investments in 2018. This could be the year that Binance takes over the cryptocurrency exchange market and I have fully supported them since I joined in May. As more improvements come and thousands of people join the trading market, there should be exponential gains and potentially very high market cap rankings for BNB. Right now BNB is in a bullish pennant forming from the flagpole on December 14th (5x pump) with the pennant itself forming over the past few weeks with consolidation forming around January 8th, 2018. Bollinger bands are getting very tight on the 4H and 1D charts, as well as the fact that the MACD is about to have a bullish crossover on the 4H, indicating some large movement. Personally, I am very bullish on BNB and I think it can have major gains. I am personally buying between 0.5-1.0 BTC worth of BNB when it falls near support between 55,000-57,000 sats.
Predictions for BNB.
As of right now, BNB is 60,000 sats with a USD value of $8.91. I think that BNB is extremely undervalued for the potential that this coin and exchange itself has. By the end of 2018, I am expecting BNB to be worth more than 10x the current price with my prediction laying between a value of $150-300 in the 4th quarter of 2018.
You can follow the analysis of BNB as of the post date of this article on my TradingView chart: https://www.tradingview.com/chart/BNBBTC/JM1KE8XH-BNB-long-term-GOLD/
Sources:
https://twitter.com/BittrexExchange/status/941381621659320320
https://coinmarketcap.com/exchanges/volume/24-hour/
https://support.binance.com/hc/en-us/articles/115001507851-Binance-Android-iOS-APP-Release
http://coinwisdom.org/45681-binance-has-passed-bittrex-in-trade-volume-making-it-the-number-one-most-used-exchange-out-there-it-did-all-this-in-6-months-time/
https://www.forexbrokerz.com/binance-vs-bittrex-forex-broker-comparison
http://uk.businessinsider.com/bittrex-customers-withdrawal-problems-identification-2017-12
https://smartoptions.io/binance-bittrex-alternative/
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