Bytecoin (BCN) – What’s with Bytecoin lately? With a whopping 23.83℅ gain in the last 24 hours, it is hard to contest that Bytecoin is on the uptrend and going strong. With a current market value of US$O.O1141 at time of writing, naysayers and skeptics are left with no reason to argue while its supporters become so ever optimistic.
At present, Bytecoin or BCN has a market cap of approximately US$ 2.1 billion while volume trade was at US$ 149 million for the last 24 hours.
Perhaps one would say that the upward trend will be short-lived, but BCN’s historical data would prove otherwise. BCN’s previous gains are staggering as well. On record, it gained 34.6℅ the previous week, 236℅ previous months and 141℅ the last 3 months! With data such as these, one need not be an expert analyst to say or conclude that BCN presents a very promising investment opportunity for traders and investors.
Bytecoin Seems Immune To Bearish Trends
Just last month of April and in the early days of May, many of the digital currencies experienced a downward trend with some having it for a few days and others much longer. Many of the coins took some time to do a reversal while others have not seen the bull arrive yet. This is not the case with BCN. By some odd circumstance or perhaps due to its technical prowess, BCN seems to defy the odds and shown itself as immune to the events which other digital currencies encountered last month and early May. And to top it off, BCN even reached its all-time high early this month.
CoinMarketCap Brings Back Bytecoin
Just last week, BCN was officially removed from CoinMarketCap’s list of digital currencies. But just a few days after that, BCN was back again when the initial decision was overturned inside of CoinMarketCap itself.
The earlier decision of taking BCN out of the list was not only disapproved by BCN supporters but by a whole lot of the crypto community as well. Some even condemned the decision saying it was uncalled for and unjust.
Now, Binance has resumed its transactions of BCN which most have seen as a positive development. As expected, BCN performed strongly and became as stable as ever and the demand for this altcoin has become steadily growing.
Bytecoin Is An Experienced Old-Timer You Can Bank On
As with all businesses and endeavors in different fields, they say experience is the best teacher there is. BCN is not a new kid on the block. It was officially launched on July 4, 2012. Similar to Bitcoin, Bytecoin makes use of a decentralized platform making use of the blockchain technology. Amongst the digital currencies which emerged during its time, BCN was the first to make use of Cryptonote. It is an application protocol which stops elements to follow through an initial transaction from within the blockchain platform system, therefore, making it more secure and efficient. Such integration was later on adopted by other digital currencies.
Having said this, it is clear BCN has the advantage in terms of years in operations and has most probably figured out most flaws in the system which a lot of new coins have yet to encounter.
All-Time High For BCN This May 2018
BCN reached its all-time high value at US$ 0.3013 just May 8. The event came into being just right after Binance announced BCN’s reenlistment unto its platform. The move also included the fact that Binance opened BCN for three trading pairs namely BCN against BNB which is Binance’s own currency, Ethereum (ETH) and Bitcoin (BTC). After the announcement, BCN’s price increased dramatically. The spike registered a gain of around eight times its previous value.
As with all spikes on the charts, a correction soon followed. Although BCN’s quickly stabilized its position near its previous mark before the price shot up, BCN did not fall below the previous price. Instead, the correction settled higher than that and continues to move forward on an upward trend. This only means that BCN is stable and worth looking into in terms of investment, particularly for long-term ones.
More People Are Getting Into Bytecoin
After its all-time high in early May, BCN has been the talk of many in the crypto community. Some who have never even heard of Bitecoin are asking what’s it about, particularly interested in the spike it experienced. New enthusiasts who are less knowledgeable tend to jump on the BCN bandwagon thinking one spike after another is set to occur. Experienced traders and investors know better and aware of how to analyze and handle the circumstance.
Digital currency experts and analysts are quick to agree that given BCN’s chart history, stability from within the currency can be expected. Not only did BCN prove itself to be “bear-proof” when others fell prey, BCN also exhibited strength during its correction following its all-time high spike. While others would spiral to a deep descent lower than its previous mark after a spike, BCN held a higher mark than previous and set itself on an upward trend.
BCN supporters are optimistic of their favorite coin’s future. As BCN proved itself strong through tough times and on its correction, more and more people are looking into BCN having high hopes that the coin will prove to be a good investment. Relatively, as more people get into BCN, its price value is almost certain to increase.
While there will always be skeptics on just about anything, BCN not excluded, those who know better are well aware of a good digital currency investment when they see one. A lot of experienced crypto experts would agree to say that BCN has proven itself a worthy coin through the years. Experts advise on studying a coin’s historical data before deciding to invest. If one was to check out that of Bytecoin’s, it’s almost certain that he or she would need no further convincing.