Trumping the Bear Trend, Binance Coin Climbs to 10th Position

By Swati Kishore

With another day witnessing the prices of most of the top cryptocurrencies in red, it appears that there’s no escaping the bear trend.

A few hours ago as much as USD 2 billion were wiped out from the total market capitalization of cryptocurrencies (as per the data by coinmarketcap). While most of the cryptocurrencies faced the heat, however, the Binance Coin trumped the trend.

At the time of writing this news, Binance Coin is trading in green up 16.47% at the price of USD 8.21.

Another bad performer in the market has been Cardano. The world’s 12th largest cryptocurrency has been plummeting since the past year owing to no developments coming from the Cardano team.

At this time last year, Cardano or ADA was the fifth largest digital currency and had a market capitalization of close to USD 10 billion.

Bitcoin SV has faced the same fate. Since its inception in November 2018, the currency has been touching the lowest of lows. At the time of writing this news, it is the world’s 11th largest crypto and is trading at the price of USD 57.55 in red.

Binance Coin was trading below the level of USD 7 approximately 24 hours back. However, this morning in Asia, the coin reversed the trend and surged to reach the price of USD 8.21 (at the time of writing the news).

The daily trade volume of BNB has surged from USD 76 million to USD 111 million. Most of this trading has been conducted in USDT.

Presently, BNB boasts a total market capitalization of over USD 1 billion, which puts it in the sweet tenth position.

The Binance team recently announced the launch of a new project called Fetch.Ai. As per the official post,

“Fetch.Ai brings together machine learning (“ML”), artificial intelligence (“AI”), multi-agent systems and decentralized ledger technology to create an economic internet,” with a goal to “automate a limitless number of markets which currently require tremendous manual intervention.”

Fetch.Ai had successfully raised USD 974,974 during rounds of public-private token sales conducted in June 2018. It appears that Binance’s endorsement of its project is aiding the surge in the prices of its native token too.