Bytecoin is a cryptocurrency in free-fall. Reaching July highs of $0.003870/58 satoshi on July 3rd, the coin dropped throughout the entire month and recorded its lows of $0.002603/34 satoshi on the 31st. August was more of the same, as BCN stagnated and fell to August lows of 0.001487/25 satoshi before slightly recovering during the latest post-Monday upswing. The currency’s latest price sits at $0.001732 USD (a 0.08% drop in the last 24 hours)/27 satoshi (0.82% drop in the last 24 hours). An almost non-existent trade volume of 388.88 BTC is combined with a market cap of $319,921,921, which makes Bytecoin the 27th most valuable cryptocurrency on the market.
[vcw-full-card symbol=”BCN” color=”black” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]
Not much can be said here TA-wise, as there is almost no volume and the coin itself is near to bottoming out. The only way is up eh? Unless the remaining Bytecoin whales decide to dump on you.
Bytecoin is one of the older currencies on the market, as it came about in 2012. Its main characteristics include being the privacy coin that Monero forked off and having a rather controversial past overall, while still maintaining a loyal user base. Bytecoin is currently looking to recover some of its tarnished image (we already described how they tarnished it here), and their increased update activity as of late is clearly a part of this effort. First important update we came across was the release of the Bytecoin blockchain explorer.
We would like to announce the Bytecoin official Explorer:https://t.co/NU6R8grb4K
— Bytecoin BCN (@Bytecoin_BCN) August 11, 2018
They’ve also been attempting to establish a presence on Facebook and have tried to get the website onchain.fx to remove BCN from their list of scams. These efforts were to no avail as both websites still feel Bytecoin is a scam, even though they provided “actual proof” of not being a scam (BCN_official, the Reddit account we got this info from, never listed what proof they provided). That being said, they are still listed on Coinpayments.net so at least one company feels they are legitimate. Or they don’t mind taking money from scams. The coin was also recently a part of the 4th round of the CCID index release, where the coin ended up ranked as 27th out of total 33 currencies.
[Live: CCID Public Blockchain Ranking Round 4 – EOS Retains the Title Again] #CCID unveiled the fouth round of its public blockchain rankings, and once again, EOS tops all other public blockchains by a combined index of basic-tech, applicability, and innovation. pic.twitter.com/mfePOSX4Gr
— Coinness – Breaking Crypto News (@coinness) August 17, 2018
Coins like Bitcoin Cash, NEM and Litecoin were placed below it; then again, another very “problematic” coin, Verge, placed several places above so the actual value of this index is questionable.
?Read here a head to head comparison of privacy coins.
Bytecoin team recently released a 3.2.2 update for their Daemon/desktop wallets. Both pieces of software were improved, with changes to their API, fixed bugs, improved node databases and wallet caches. Parts of the community claim these improvements should have been rolled out years ago but most seem happy that there is work being done on the coin. The wallets have since been updated to 3.2.4 versions that apparently brought more improvements. Another “important” release was the Bytecoin Public Testnet becoming live, and the official release requires you to download the 3.2.4 software to access it.
Bytecoin is nowhere near atoning for their previous transgressions. The market made them aware of this pretty clearly, as the coin is down more than 95% from its ATH’s. The Binance listing fiasco is on everyone’s minds and these casual updates probably won’t change that very much. Their “accessible to home mining” mantra has also failed as Bytecoin is being run into the ground by Bitmain and its ASIC miners. We found mentions of a hard fork that would address this specific issue but there is nothing concrete online about it. With all that, our previous judgment on Bytecoin remains unchanged.