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Binance’s BNB Token Reaches Top 10 After Confirming New Crypto Project Launch

Maya Mandzikasvili | Feb. 7, 2019
Binance’s BNB Token Reaches Top 10 After Confirming New Crypto Project Launch

February 7, 2019, | AtoZ Markets - Native cryptocurrency of Binance, Binance Coin (BNB) in recent months has added up to 22% of profits, and on Tuesday this digital asset entered the cryptocurrencies top 10 by market capitalization. At the moment BNB beats the popular cryptocurrencies Cardano and Bitcoin SV which used to be in the cryptos top 10 before. 

BNB rise follows ongoing value race

At the moment, BNB continues to strengthen its positions in the market. At the beginning of the Wednesday, the cost of cryptocurrency reached an intraday maximum of Binance-to-Dollar (BNB / USD), reaching 8.47 dollars after the opening of the day at 7.78 dollars.

By the time the article was published, the BNB cost had fallen to $ 8.26, but it keeps a gain of 2.84%. The recent growth of this cryptocurrency is only a continuation of the ongoing BNB rally, which began on January 31 with a minimum of $ 6.03, marking a weekly increase of more than 40%.

The growth of Binance Coin (BNB) started after January 28, 2019, when the Binance Launchpad panel for launching new cryptocurrencies successfully completed the sale of the BitTorrent token (BTT). As was mentioned earlier the token total sale took less than 15 minutes and brought the BitTorrent team $ 7 billion. After BitTorrent BTT sold out, its token price has risen more than 600 percent.

BNB  Leaps with 22% Gains after Fetch.AI Launch

The BNB Binance token was used together with TRX when selling tokens to buy BTT tokens at a fixed rate of 1 BTT = 0.00001824 BNB (with a BNB price of $ 6.58). The BNB sales side led to the sale of 23.76 billion BTT per BNB in ​​13 minutes and 25 seconds.

The success of selling BTT tokens on a Binance Launchpad most likely contributed to the appreciation of BNB. This shows that the token has real utility and is used in significant quantities. In addition, the rise BNB price can also be associated with the confirmed launch of another cryptocurrency project, called Fetch.AI, and intended to use Launchpad Binance to sell their tokens.

As stated on the crypto project website, Fetch is a decentralized digital world in which useful economic activity is performed by "digital entities that can transact independently of human intervention and can represent themselves, devices, services or individuals." 

The experts suggest that if successful sales of tokens are still being held on the Binance Launchpad, the demand for BNB tokens is expected to increase as buyers wanting to get into ICO will use BNB to participate. The current situation with BNB is very similar to Ethereum (ETH), while in 2017 and 2018 it was widely used for ICO, which helped to increase prices for Ethereum.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.