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This year has been a tough sail for BinaryX since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of BNX.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for BinaryX to reclaim its all-time high in 2023? Continue with the article to learn about BinaryX price analysis and prediction by Coinpaper.
Read also: Axie Infinity Price Prediction 2023. Should I buy AXS?
What is BinaryX?
BinaryX is a decentralized GameFi platform on Binance’s BNB Chain aims to redefine what gaming looks like in the GameFi industry. So far, the project has released two games, CyberDragon and CyberArena. In September 2022, BinaryX also launched CyberChess, an auto battler strategy game that is inspired by the game Autochess. BNX is the platform’s native token that entitles holders to vote on major game decisions and is also used as an in-game currency to purchase skins, equipment, and upgrades.
BinaryX (BNX) price
Currently, BinaryX Price is USD. BNX has a circulating supply of coins and a total supply of . If you are looking to buy or sell BinaryX, Binance is currently the most active exchange.
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BinaryX price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish BinaryX 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see BinaryX price at $112.2 to $123.6. On the flip side, a fading interest in the new meme coin may push the price of BinaryX to $63.26-$57.23 lows.
BinaryX price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to BinaryX (BNX) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of BinaryX to climb as high as $146.48, with the more distant prospect of reaching $155.45 in 2024. The bearish scenario is likely to see BinaryX (BNX) trading between $132.33 and $122.34 in 2024.
BinaryX price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our BinaryX (BNX) price analysis and prediction is based on pure speculation and observation of BinaryX historical price movements.
Our BinaryX 2025 price forecast expects BNX to rally towards $168.9 and reach $176.45 by the end of the year. The bearish scenario would see BinaryX at $154.34 to $143.22.
BinaryX (BNX) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for BinaryX is neutral. In 2026, we expect BinaryX to reach at least $189.12 before climbing higher to $215.67. In case of a bearish scenario, BinaryX may fall to $175.4.
Is BinaryX (BNX) a good investment?
Whether BinaryX token is a good investment for your portfolio, depends on your risk profile and how much you intend to invest, among other factors. For now, given the high yearly inflation rate of 94% and less than 19% of BNX total supply in circulation, as per CoinCodex data, it doesn’t look like a promising investment at the moment. If you decide that BNX suits your investment objectives, make sure you conduct a thorough research, read the whitepaper, and keep in touch with the community.
Bottom line
Are you ready to invest in BinaryX? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy BNX from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created BinaryX?
The devs behind BinaryX decided to remain anonymous, although they revealed in an interview with Binance that their team is comprised of people of diverse backgrounds and ethnicities.
What was the all-time high for BinaryX (BNX) ?
The all-time high price of BinaryX is $ on 2021-11-04
