Bitcoin and other major cryptocurrencies have lost some $5 billion over the last 48 hours as a long-running bitcoin sell-off again bears down on the market.
But there is one bright spot of green in the now familiar sea of red: binance coin, the digital token from the world’s largest bitcoin exchange, has risen 16% over the same period and is up an eye-watering 120% since the beginning of the year, according to CoinMarketCap which tracks most major cryptocurrency prices.
Over recent days binance coin has surged past stellar and tron to become the eighth largest cryptocurrency by market capitalization, with a total value of $1.8 billion, up from just $800 million at the start of the year.
As binance coin has risen, the wider cryptocurrency market has struggled, trading more-or-less flat over the last few months. Bitcoin, still the largest cryptocurrency by some distance, has repeatedly tried to shake off the bears and move beyond $4,000 per coin over recent months only be swiftly knocked back.
The recent success of binance coin, which is still some way off its all-time high of $24 per coin, has been taken as a broad vote of confidence in the bitcoin and cryptocurrency market.
“Binance coin has been able to buck the crypto correlations principally because people buy it as a way of speculating on industry growth,” said Mati Greenspan, senior market analyst at brokerage eToro. “If the markets are moving it means people are trading, and Binance has a big share of those volumes.”