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Here’s What Happened to Bytecoin (BCN) In The Past Few Days - Global Coin Report
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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

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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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Ripple
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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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