Binance Coin (BNB), the cryptocurrency token of crypto exchange giant Binance, has moved into 10th position by market cap, overtaking Bitcoin Cash (BCH) hard fork Bitcoin SV (BSV).
Binance Coin has been defying the recent market downturn with very impressive gains this year, growing 20 percent in just the past month. By comparison, Bitcoin SV is down 6.5 percent trading at $57 and Cardano (ADA) has dropped to 12th position, down 5.5 percent.
The expansive growth has been attributed to the varied use cases for BNB that the company has recently issued. One of the most relevant of these is Binance Launchpad, a system that enables project developers to issue proprietary tokens to investors. Tron’s recent BitTorrent Token (BTT) sale was facilitated by allowing purchases in Binance Coin and sold out all 23.7 billion coins in less than 14 minutes, giving a huge boost to the BNB cryptocurrency.
The growth also means Binance Coin has now surpassed $1 billion worth in market capitalization.
The next upcoming token sale project to be facilitated by Binance Coin will be Fetch.AI (FET), planned to launch later this month. The project is an artificial intelligence and machine learning system designed to create an economic internet that brings together multiple services within a single environment.
Binance announced the launch via its Twitter account with the following Tweet:
— Binance (@binance) February 6, 2019