Binance token (BNB) is the only winner on the collapsing cryptocurrency market
- BNB has gained over 17% in the recent 24 hours.
- A growing number of use cases is pushing the price higher.
Binance Token (BNB), the native token of the Hong Kong-based cryptocurrency exchange, has been growing strongly in recent 24 hours while other major coins slipped in a red zone.
BNB is trading at $8.28, having gained over 17% in recent 24 hours. The coin now takes the 10th place in the global cryptocurrency rating with a total market value over $1B and an average daily trading volume of $111B, which is nearly three times as high as a week ago.
While the fundamental reasons behind the sudden BNB jump are not clear at this stage, an upcoming Fetch AI ICO on Binance Launchpad may have added to the bullish sentiments.
BitTorrent token (BTT) launch issued by TRON Foundation proved to be a huge success, as the total supply was sold out in a matter of minutes. The project raised over $7M, while BTT price has grown ten times since the token launch.
The new project - Fetch AI - offers machine learning and artificial intelligence services. The token sale will start on April 3 and finish on June 10, 2019.
BNB is considered to be a utility token as its main purposed is to be used as the gas within Binance ecosystem. Binance traders can pay trading fees with BNB at a discounted price. Apart from that, Binance token is used for ICOs launched on the platform.
Author
Tanya Abrosimova
Independent Analyst
