Is now the best time to trade BNB to GBP?
In the early days of cryptocurrency trading, it was impossible to exchange crypto directly for fiat. It had to be crypto for crypto, with BTC and ETH pairs as the most common.
Around 2010, stablecoins were introduced into the fray to hedge against inflation and act as a store of value. The first of these assets was USDT, and USDT trading pairs soon became common.
Fiat currencies were the last to be added. A crypto-fiat trading pair makes it easier for traders to cash out any gains and onboard new traders. While the USD is the most common base pair owing to the dollar’s worldwide acceptance and strength, many exchanges allow fiat base pairs based on local currencies.
For example, while the Canadian dollar (CAD) is popular in Canada, the British pound sterling (GBP) is common in the United Kingdom.
How to trade the BNB-GBP Pair
Binance Coin (BNB) is the utility token issued by Binance. It is the fourth largest cryptocurrency by market cap, according to CoinMarketCap, and continues to attract more investors.
You can exchange BNB for GBP by selling it on a cryptocurrency exchange like Binance or Kraken. At the time of writing, BNB is available on 92 exchanges at an average exchange rate of 247.35GBP. BNB is available for purchase using bank transfers, debit card payments, and cash transactions.
It’s worth noting that technical indicators like the Relative Strength Index (RSI) suggest that BNB is currently neutral at 68%. Also, the alternate highs and lows in the last 30 days indicate a volatility of 2.84%. Again, BNB is about -51.95% off its peak exchange rate of 1 BNB to 595.95 GBP in May 2021.
Thus, it may not be the best time to trade BNB for GBP.
Alternatively, Ambcrypto suggests BNB will hit $781 in 2023. Similarly, Changelly predicts BNB will only be as low as $1,122.96 in 2025 but could rise as high as $1,270.31. Also, crypto exchange CoinDCX predicts a bullish end to 2024 will make the beginning of 2025 positive for BNB.
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