Binaryx price prediction: What is binaryx (BNX)?
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 examine some of the binaryx price predictions that were being made as of 22 November 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 what 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:
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’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.
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.
BinaryX first came onto the open market in 2021 and opened with a price of $6.62 on 18 May.
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 reached a periodic high of $162.39. After that, there was some fall back to a low of $135.32 on 29 October. That said, not even the collapse into bankruptcy of the FTX (FTT) exchange could stop BNX from moving back up and, on 22 November 2022, it was worth about $160. This meant that BNX had risen by more than 150% since 1 January – a time period during which the overall crypto market had fallen by around 65%.
At the time of writing, there were a little under 2.79 million BNX in circulation out of a total supply of 6,180,138. This gave it a market cap of around $444m, making it the 70th largest crypto by that metric.
Binaryx price predictions
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 22 November 2022. It is important to point out at this stage that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being 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 $165.61 this year, $242.98 next year and $352.99 the year after that. By 2025, the site said binaryx could have been worth $517.84, $759.74 in 2026 before it could have broken the $1,000 barrier to reach $1,093.10 in 2027. A year from then, the crypto could have achieved $1,558.17, before closing the decade at $2,375.53. The site then made a binaryx price prediction for 2030 that said it could have risen to $3,451.73 that year before potentially trading at $5,163.48 in 2031.
Next, CoinCodex had a short-term binaryx crypto price prediction that suggested the token could have fallen to $154.07 by 27 November before making something of a recovery to $158.13 by 23 December. The site’s technical analysis was bullish, with 23 indicators making positive signals against four making bearish ones.
Meanwhile, CaptainAltCoin thought things could go downhill pretty soon for BNX as it could drop to $109.41 in January 2023 before it could recover to $238.49 in November next year. The site made a binaryx price prediction for 2025 that said it could reach $385.79. However, that was as good as things could get with the site continuing that BNX could have become valueless by November 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 its binaryx price prediction for 2023. The site predicted something of a bull run over the course of the coming years for the token and that it could reach a fraction of a cent under $254.74 in November next year and around $655.16 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.