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Here’s What Happened to Bytecoin (BCN) In The Past Few Days

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Bytecoin (BCN)
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People who have been keeping an eye on famous altcoins that have been rising in terms of markets after being listed on Binance must know about Bytecoin. Bytecoin has recently been all over cryptocurrency news due to its phenomenal rise and other happenings after it got re-listed on Binance back on 7th May. Bytecoin project and its concept are one of the oldest which mainly focussed on the privacy of the end user. Bytecoin markets observed a quick recovery despite the fact that it was trading at 11x increased prices at Binance. Some people even suggested that it was the result of a pump and dump group. Let’s dig further into the matter and find out what really happened with Bytecoin.

A Little About Bytecoin (BCN)

Bytecoin is a well-known anonymous cryptocurrency that uses CryptoNote ring signatures in order to perform anonymous transactions. It’s very similar to Bitcoin due to the fact that it is primarily a peer-to-peer payment system for people to use. Bytecoin project started back in the year of 2012, hence, one can call Bytecoin as one of the earliest created cryptocurrencies. The company and the team behind Bytecoin have recently come forward to share more about their anonymous peer-to-peer payment system through multiple media channels. It uses a unique Egalitarian Proof-of-Work which according to the development team can lower the gap between two classes of miners (GPU miners and ASIC miners).

The Rise of Bytecoin

Bytecoin prices have recorded an unshakable 486% profit in terms of value as compared to its early April figures. On the day of 7th when Binance, one of the largest and most influential cryptocurrency exchange announced the listing of Bytecoin on their platform along with BTC (Bitcoin)and ETH(Ethereum) and BNB (Binance Coin) trading pairs, its market rose sharply above other depreciating altcoins and by the end of May 9th it reached an all-time high of $0.030 Ua SD which is a 343% spike in its price within 24 hours. This incredible performance by Bytecoin was shot down with several doubts of being another pump and dump scheme. Even after an extreme market shakedown, Bytecoin has successfully become one of the biggest altcoin hits in Asia.

Struggling with Technical Issues

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Everything was going pretty well for Bytecoin as it marked down approximately 62.66% hike within the past week but soon the prices experienced an unexpected dip after Binance trading reached their peak. Crypto enthusiasts think that Bytecoin could have possibly completed its worthy market recovery, but the abrupt network and technical issues came in the way of Bytecoin and success. After some time of the opening trade, Binance users experienced delays in deposits and withdrawals which spread among the community and traders backed out sniffing an underlying scam. Bytecoin solely relied on its trading at Binance which caused the surprising dip of Bytecoin markets.

Aftermath and Relisting on Binance

It has already been stated that Bytecoin was entirely dependent on Binance platform for its trading and hence experienced a lot of network/technical issues. Due to these withdrawal issues, some other cryptocurrency exchanges such as Poloniex and HitBTC announced temporarily halting of Bytecoin trading until the situation improves. Following this announcement, there was absolute scare in the market because Bytecoin fell from its rank as the 15th biggest cryptocurrency. The depreciation stopped when Binance declared a re-opening of trade for Bytecoin. Even though it is still under maintenance to fix the network and trading issues which investors and traders suffered from Bytecoin team. Shortly after Binance’s news, Poloniex exchange also walked down the same path and activated Bytecoin trading. Although, Bytecoin is still undergoing recovery on HitBTC platform. The developer’s team of Bytecoin have already released an update for the desktop wallet to counter the withdrawal issue. Even though Bytecoin suffered damages for two days amidst its rally towards the top but analysts believe there’s still some fight left in the cryptocurrency.

Market Position

As per the data available on CoinMarketCap, Bytecoin is ranked as the 16th largest cryptocurrency with an individual price of $0.012 USD rising at a rate of 1.10% consistently. Its total market capitalization has reached approximately $2.21 billion USD which is huge for an altcoin. Although it’s trading volume has diminished to $95 million USD from $148 million USD there are chances of recovery once Bytecoin recovers from the recent mess caused by technical problems.

Conclusion

Even after the failed market comeback attempt made by Bytecoin, it still managed to keep markets on fire and attracted everyone’s attention towards itself proving that it can easily influence the market once again. The trading issues and other difficulties have made it clear to the Bytecoin team that a permanent solution for such situations is needed to guarantee their peak performance. According to their roadmap, on June 12, Bytecoin is going to perform a hard fork which is expected to solve most of its network issues. Hopefully, Bytecoin will bring some more positive trends in the days to come.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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ZCash
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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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