Binance Coin (BNB) Surpasses Cardano (ADA) And Bitcoin SV (BSV) To Reach Top 10

2019-2-8 01:40

Binance Coin (BNB) Surpasses Cardano And Bitcoin SV To Reach Top 10

Binance Coin (BNB) started to be the 10th most valuable cryptocurrency by market capitalization this week thanks to the efforts of its company. By surpassing Cardano and Bitcoin Satoshi Vision (SV), the crypto rose to a place of prominence in the industry and passed the value of $8 USD per token.

In the last seven days, the cryptocurrency has seen a bull run of 32% up. This has led the utility token of the largest exchange in the world to be the 10th biggest token out there. Bitcoin SV, Cardano, Monero and IOTA were the victims that were basically knocked over by BNB.

The token that now has 141 million units does not have its own chain yet, though, and it still uses the ERC20 Ethereum-based standard. According to Binance, the maximum supply of tokens will be 200 million BNB coins and 20% of the money received by the company in fees will be burned in order to increase the prices.

Binance has been doing a lot in order to increase the usage of BNB on its platform. The users get a discount of 25% in fees when they use it, and they can also use BNB to pay debit and credit cards, so the plan is to turn BNB into one of the big players, something that it looks like the company was already able to do.

The Strategy For Success

The exchange has also detailed on its blog some of the points which led BNB to enter the top 10 on a commemorative post. Binance has affirmed that, since its launch two years ago, the company is set on improving both the services and the adoption of the tokens.

According to the post, there are several reasons why the price of the token went up so much lately. For instance, the fact that now you can use BNB on credit and debit cards, as well as the fact that Binance is expanding to other regions and this has a positive impact on the token. Increasing the reach of institutional investors from the company has also benefited Binance a lot.

The Binance Launchpad, a service for Initial Coin Offerings (ICOs) that will give unique opportunities for investors is also one of the main reasons why the prices were driven up.

Other important initiatives such as Binance Labs, Binance Charity and Binance Academy were also cited on the blog post but they are certainly not as relevant to the new price as the Launchpad platform and all the expansion that the company has currently had.

Obviously, you have to also take into account that Bitcoin SV was basically in free fall ever since it was launched because of the controversies that happened during the launch like Craig Wright affirming that he was Satoshi Nakamoto and now the fact that someone uploaded child pornography on the BSV chain.

The other tokens like Cardano (ADA) were also not doing very well, but we have to recognize Binance’s effort.

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