Bancor Network Token (BNT) is a cryptocurrency token operating on the Ethereum blockchain, launched in June 2017. It functions as the native token of the Bancor protocol, a decentralized liquidity network that allows users to convert various tokens directly without needing counterparties. This guide offers a detailed look at BNT’s market performance, technical levels, historical context, and common investor questions.
Current BNT Price and Market Data
As of early July 2024, Bancor Network Token is trading at **$0.5853**, reflecting a 24-hour increase of **+1.02%**. The token opened today at $0.5717 and has since climbed by 2.38%, showing signs of recovery after dipping to a low of $0.5660.
Over the past 7 and 30 days, BNT has declined by -3.38% and -17.07%, respectively. However, it remains up by 2.84% and 12.97% from recent minimums.
Trading volume over the last day reached $3,672,670, with 6,274,655 BNT coins exchanged across 39 different platforms. BNT is ranked #342 by market capitalization, which currently stands at approximately $70 million.
Technical Analysis: Support and Resistance
Based on current market structure, BNT must hold above the $0.5223** support level to maintain bullish potential. If this level holds, the token could aim for the first major resistance at **$0.5951.
A break above this may lead to a test of the second resistance at $0.6561**, with a third key level waiting at **$0.7161.
Should selling pressure intensify and the price fall below $0.5223, the next significant support lies at **$0.4613**. Traders often watch these levels to gauge entry and exit points.
Bancor Network Token Market Capitalization
Market capitalization is a key indicator of a cryptocurrency's overall value and is calculated by multiplying the current price by the circulating supply. For BNT, the circulating supply is 120 million tokens.
Fully Diluted Valuation (FDV) is another useful metric, representing the theoretical market cap if all tokens were in circulation. It is calculated using the total or max supply multiplied by the current price.
👉 Explore real-time market cap tools
Understanding these metrics helps investors compare BNT with other assets and evaluate its growth potential relative to the broader crypto landscape.
Bancor Network Token ICO Details
Bancor conducted its Initial Coin Offering (ICO) on June 12, 2017, raising $153 million in a single day. The ICO price was set at **$3.92 per BNT**.
Unfortunately, the token has depreciated significantly since its launch. The current price represents only about 14.93% of the original ICO value. This means a $100 investment during the crowdsale would be worth approximately $14.93 today.
The ICO had a funding cap of 10 billion USD, though specific details regarding token supply during the sale are not publicly available.
What Is Bancor Network Token (BNT)?
Bancor Network Token is the utility token of the Bancor protocol, a decentralized exchange (DEX) and automated market maker (AMM) designed to provide on-chain liquidity. Unlike traditional exchanges, Bancor allows users to swap tokens directly from their wallets through liquidity pools rather than order books.
BNT is used for:
- Providing liquidity to pools
- Participating in governance decisions
- Earning rewards through staking and fees
The token reached its all-time high of $21.34** on June 19, 2017, shortly after its launch. Its all-time low of **$0.112243 occurred later, and the current price sits 421.48% above that lowest point.
Over the past 52 weeks, BNT has traded between $0.3179 and $0.9523.
BNT Sector Rankings and Competition
Bancor Network Token holds varying ranks across several cryptocurrency categories based on market capitalization:
- \#17 in Blockchain Services
- \#20 in Exchange-based Tokens
- \#21 in Marketplace
- \#24 in Decentralized Exchange (DEX)
- \#36 in Payments
When compared to other cryptocurrencies launched in 2017, BNT demonstrates below-average trading volume. The average 24-hour trading volume for the 445 coins from that year is around $6 million, while BNT averages approximately $4 million.
This indicates that while BNT has a established use-case, it faces strong competition in the decentralized finance (DeFi) and DEX sectors.
Frequently Asked Questions (FAQ)
What is the main use of Bancor Network Token (BNT)?
BNT is primarily used within the Bancor protocol to provide liquidity, participate in governance, and earn yield. Users can stake BNT in liquidity pools to facilitate trades and earn a share of the transaction fees.
How does Bancor differ from other decentralized exchanges?
Bancor was one of first AMMs to introduce on-chain liquidity pools, allowing single-token exposure and impermanent loss protection for liquidity providers. Unlike many DEXs, it doesn’t rely on traditional buyer-seller order books.
Is Bancor Network Token a good investment?
Like all cryptocurrencies, BNT carries investment risk. Its value is tied to the adoption of the Bancor protocol. While it pioneered many DeFi innovations, it operates in a highly competitive sector. Always conduct thorough research and consider your risk tolerance.
Where can I buy and store BNT securely?
BNT is available on 39 exchanges. It is an ERC-20 token, so it can be stored in any Ethereum-compatible wallet, including hardware wallets for maximum security. 👉 Get advanced storage methods
What factors influence the price of BNT?
Key factors include overall crypto market trends, adoption of the Bancor protocol, updates to its smart contracts, changes in Total Value Locked (TVL) in its pools, and broader developments in the DeFi industry.
Can BNT reach its all-time high again?
Reaching its previous all-time high would require a significant increase in both market cap and investor demand. While possible in a strong bull market, it depends heavily on widespread protocol adoption and overall crypto market conditions.