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Binaryx price prediction: What is binaryx (BNX)?

By Peter Henn

Edited by Charlie Mellor

14:38, 23 September 2022

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Representation of the BNX token, which features an image of a rhino’s head
BNX has outperformed the market so far this year – Photo: Shutterstock

It’s a token that has defied the market so far this year, but what is binaryx (BNX)? Let’s see what we can find out about this crypto, and also examine some of the binaryx price predictions that were being made as of 23 September 2022, too.

Binaryx explained

One of the biggest ideas to have taken the cryptocurrency world by storm in 2021 was that of the metaverse. The concept of a virtual world where people interact and trade with each other is a long-standing notion, having its origins in the virtual reality craze of the early 1990s. Indeed, the highly popular online game Second Life from the 2000s was a metaverse.

However, the idea got a new lease of life thanks to blockchain technology. With blockchain proving to be a success, organisations signed up to it, both giving blockchain enthusiasts who had never been involved in the metaverse a chance to sample it while also allowing metaverse fans and other online gamers the opportunity to find out just what it is that the blockchain has to offer. 

Something that links in with the metaverse is the rise of non-fungible tokens (NFTs), which are the rights to links to pieces of individual digital art. The idea that ties them in with the metaverse is that people who are in the metaverse use NFTs to decorate their living spaces. Since NFTs are crypto tokens, this means that people who create them can sell them, and people who hold them can buy, sell and exchange them for either other cryptocurrencies or fiat currency.

Now, while NFTs can be kept in conventional sales and trades, there is another potential way that people can get their hands on them. There are some metaverses that incorporate a gaming element, known as play-to-earn (P2E), which is also called GameFi. This involves a game’s players being rewarded for either beating opponents in online battles or for completing tasks on the platform with NFTs. This, in turn, means that games do offer players a potential – but by no means guaranteed – supplemental income. 

Anyway, the metaverse, NFTs and P2E really took off last year. Although things have cooled down somewhat since then, they have established themselves as a crucial part of the world of cryptocurrency. 

One P2E system that has garnered a fair few fans is BinaryX. This platform features two key games, the roleplaying game CyberDragon and the card swapping game CyberArena, as well as its latest offering, CyberChess.

In CyberDragon, players start by choosing a character, such as a warrior or rogue, and can level up by utilising the in-game currency GOLD. These tokens are gathered by fighting through dungeons or “daily mining”. As the game’s website says:

“Gold is required in most consumption scenarios in the game. For example, heroes need to consume gold to upgrade; gold is required for expenses when challenging dungeons and preparing the equipment. You can also use gold to hire other players’ heroes to form a team together.”

However, GOLD is not the main native token of the BinaryX platform. The system’s main cryptocurrency is the conveniently-named binaryx token, also known by its ticker handle of BNX. BNX is used as a form of payment across the system’s games. Holders are also able to vote on governance proposals affecting the network. As the system’s whitepaper says:

“BinaryX platform is the first comprehensive GameFi platform for community governance that introduces DAO  (decentralised autonomous organisation) in the GameFi field.

“BinaryX’s DAO has an innovative significance for the GameFi field. It integrates the community DAO model into the GameFi platform. To a certain extent, the community participates in the discussion of the development direction of the platform.”

It is also worth mentioning that, because BNX is based on the BNB Chain (BNB), it is a token, rather than a coin. You might see references to such things as a binaryx coin price prediction but, strictly speaking, these are wrong. 

BNB to USD

One final thing to note, however, is that BinaryX does not list the names of its founders. While this is not that rare in the world of cryptocurrency, it might be something that might put off potential investors, who will want to have a person they can hold accountable. 

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Binaryx price history

Let’s now quickly cast our eyes over the BNX price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can give us some very important context if we want to either interpret a binaryx price prediction or make one of our own. 

BNX price historyBNX price history from launch to present – Credit: CoinMarketCap

BinaryX first came onto the open market in 2021 and opened with a price of $6.62 on 18 May.

BTS/BTC

0.00 Price
0.000% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00000002

ETH/USD

1,312.51 Price
+0.020% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 5.00

DOGE/USD

0.06 Price
0.000% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.0007942

XRP/USD

0.48 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00600

Although its price declined to an all-time low of $2.97 on 14 July, it was able to go on a tear in the autumn, with the news that it was to be listed on the Binance (BNB) exchange helping it reach an all-time high of $224.71 on 4 November.

After that, though, the price fell down and it closed the year at $63.81.

While 2022 has been a bad year for cryptocurrency in general, and metaverse tokens in particular, binaryx has rather bucked the trend.

At the end of March, Binance’s announcement that it was enabling futures trading in the token saw it lift above $100 and, despite market chaos, it maintained a broadly upward path.

On 23 September 2022, the day that it announced the launch of CyberChess, BNX was worth around $160.

At the time of writing, there were a little over two million BNX in circulation out of a total supply of 2,485,629. This gave it a market cap of around $321m, making it the 100th largest crypto by that metric. 

Binaryx price prediction round-up

With that all said and done, let’s now take a look at some of the binaryx price predictions that were being made as of 23 September 2022. It is important to point out at this stage that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, are very often wrong. Also, it is well worth remembering that long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice. 

First, PricePrediction offered a BNX price prediction that the token could have reached $174.64 this year, $251.27 next year and $354.58 the year after that. By 2025, the site said binaryx could have been worth $520.21, $785.75 in 2026 before it could have broken the $1,000 barrier and gone on to $1,119.76 in 2027. A year from then, the crypto could have achieved $1,627.05, before it could haved closed the decade at $2,340.99. The site then outlined a binaryx price prediction for 2030 that it could have risen to $3,501.91 that year and $4,991.02 in 2031. 

Next, CoinArbitrageBot was rather more reserved in its binaryx price prediction for 2022, suggesting that the token could have sunk to $144.60 later this year. In 2023, the site predicted the crypto could have recovered to just under $304.16 before it could have achieved nearly $492.13 in 2024. The site then suggested that BNX could have been valued at $796.26 in 2025. How seriously you take this particular price forecast will depend on whether you think, having made sure to do your own research, that the BNX price could have increased by around 450% over the course of around three years. 

Meanwhile, CaptainAltCoin thought things could go downhill pretty soon for BNX as it could have fallen to $114.72 in November 2022 before it could have recovered to $238.93 in September next year. The site made a binaryx price prediction for 2025 that it could have reached $406.25. However, that was as good as things could get with the site continuing that BNX could have become valueless by September 2027 and its price forecasts for both 2030 and 2040 suggested the token could have been worth $0. 

Finally, WalletInvestor was a bit more optimistic with the binaryx crypto price prediction it offered. The site predicted something of a bull run over the course of the coming years for the token and that it could have reached $257.19 in September 2023 and a fraction of a cent below $679.62 in five years’ time. 

When considering a BNX token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.

FAQs

Is binaryx a good investment?

It is hard to tell. While the token has been performing well over the last few weeks, we do not know what might happen next. A lot will depend on how the market performs as a whole.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether binaryx is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Will binaryx go up or down?

It is difficult to say. While sites like WalletInvestor are upbeat, the likes of CaptainAltCoin are far more pessimistic in their forecasts. It is important to remember that price predictions very often turn out to be wrong, and that prices can go down just as easily and as often as they can go up. 

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether BNX is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Should I invest in binaryx?

Whether you should invest in binaryx is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.

Further reading

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