The Binance coin (BNB) has surged massively over the past few hours to leap into the top ten cryptocurrencies in terms of market cap. The token experienced this massive jump after the Binance team announced the launch of a new Binance Launchpad project yesterday, February 5th.
BNB token leaps into top ten
The cryptocurrency market has experienced a massive slump over the past 24 hours, with leading cryptos like Bitcoin, Ethereum, Ripple, EOS, and others trading in the red zone. BNB, however, moved in the opposite direction, recording admirable gains during that time frame.
The Binance team announced the launch of the new Binance Launchpad on Twitter.
— Binance (@binance) February 6, 2019
According to the official post, Fetch.Ai combines machine learning, artificial intelligence, multi-agent systems, and decentralized ledger technology. This allows it to create an economic internet aimed at automating a limitless number of markets which currently requires tedious manual intervention.
The FET token has been sold in numerous funding rounds since June last year, with 974,975 USD and 24,596.5 ETH raised in the process. Binance endorsing the project seemed to have positively affected both the FET token and Binance’s BNB coin.
Binance Coin is currently up 15 percent on the day. Two days ago, BNB was priced below the 7 USD mark as the crypto market experienced a slump during the Asian trading session. However, BNB surged yesterday to reach a daily high of 8.26 USD per coin, its highest price since mid-November. Its daily volume went from 76 million USD to 116 million USD, with 35 percent of that in USDT.
The market cap of BNB is now above the 1 billion USD mark following this recent rally. It now occupies the ten spot on CoinMarketCap ranking, after edging out Bitcoin SV.
General crypto market slumps
Despite the BNB token experiencing gains, the general crypto market has slumped over the past 48 hours, losing around 2 billion USD. Cardano has slumped to the 12th position as its downward spiral continues. Cardano’s development team has released little to nothing since last year. ADA was previously the fifth largest crypto with a market cap of 10 billion USD but has lost roughly 97 percent of its value over the past 12 months.
Bitcoin SV has also been on a downward spiral since it was created in November. BSV is currently trading below the 60 USD mark after losing more than 5 percent of its value over the past 24 hours.
Tron’s (TRX) is excluded from the list as it has been the best performing cryptocurrency amongst the leading cryptos in 2019.