The cryptocurrency market started the new year as a slow and boring trading day, but the forecasts and expected market developments for the whole year look pretty rosy. A slightly bullish trend signal comes from various market traders.
The data from Coinmarketcap.com showed that there were around 16,238 crypto tokens and around 451 crypto exchanges as of January 1, 2022. The combined market cap of all of these tokens has currently reached $ 2.21 trillion.
There have been several attempts by government agencies to control this market directly and indirectly, but once again the market has proven that it has its own rhythm. This can be seen in the 300 million strong global crypto account holders, with India alone having 100 million users, although the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, expressed deep concerns about buying cryptocurrencies.
Let’s discuss the crypto market forecast for two popular tokens, Shiba Inu (SHIB) and Binance Coin (BNB) based on their developments and past performance.
Shiba Inu predictions
Shiba Inu was created sometime in August 2020 by an anonymous user, “Ryoshi”. It was trading at $ 0 a year ago and is now trading at $ 0.00003351. The price was deliberately kept at 0 US dollars so that even a price increase of one cent would benefit users. The price has moved 48,722,655.73 percent to be exact, so the benefits to its owners have been pretty big. Analytics Insight reported that even if someone had invested only $ 1 in SHIB, they would be sitting on thousands of dollars in profit by now.
Shiba Inu is expected to generate double-digit returns for its investors for most of the year, according to CryptoPredictions.com. The minimum price is expected to be $ 0.000038 while the maximum price could be $ 0.000065. Read more about it here.
The creators of Shiba Inu have started building their own metaverse called “Oshiverse” and are also trying to get into decentralized games and non-fungible tokens (NFTs). It would be interesting to see if these developments work out. If they become a success, massive demand for SHIB tokens is expected which could have a bigger impact on the price than the last Christmas burning event.
Binance Coin Predictions
Another popular coin of the world’s largest crypto exchange Binance, Binance Coin, has already delivered more than 1,300 percent returns, according to data from Arcane Research. This surprised anyone who expected either Bitcoin or Ethereum to be on that list. The BNB has surpassed the oldest (Bitcoin) and No. 2 (Ethereum) coins in the world by a wide margin, the Economic Times reported.
According to website CryptoPredictions.com, the Binance Coin rally is stalling and will begin to generate negative returns, thereby undermining investor wealth for the full year of 2022. However, they also predicted that the maximum price to be reached in any month could cross the $ 600 mark, but at the same time it could potentially trade in the $ 400-600 range.
According to various media reports, the crypto exchange Binance has also planned several developments. Recently they committed to invest 100 million euros in France to build an R&D base that will focus on blockchain technology. Binance is also trying to curb money laundering via its platform and recently registered with FINTRAC. It also recently partnered with CertiK, a New York-based blockchain and crypto audit firm, for “Project Shield”. Project Shield is Binance’s latest security initiative, examining BEP-20 and ERC-20-based projects listed on Binance’s centralized exchange and paying the fees for them.
Investors and crypto enthusiasts should digest predictions with caution as nothing is set in stone. Developments can happen quickly and no one can accurately predict the markets.