Bytecoin. What after Binance?
Coin of the day Bytecoin.
Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012. The coin had a negative controversy on the large quantity of premined by the team coins.
With a focus on privacy, Bytecoin competes with other privacy coins like Monero, ZCash, and Dash. Monero is a fork from the original Bytecoin code. Monero supporters argue that the original Bytecoins (>80%) may have been pre-mined for two years before the public release, but this is still being debated by both parties. Still, as Bytecoin has existed for a long time and was available for miners, in the rough estimation over 95% of the coins are already in circulation.
Listing on Binance
Listing on Binance(May 7) started with enormous difference in the prices with other exchanges, provoking a lot of traders and automatic systems to transfer BCN from wallets and even other exchanges on the Binance, to sell it by the much higher price. Instant demand for the coin inflated prices on Poloniex(peak at 0.00000204) and HitBTC(peak at 0.0000022). In result, Poloniex and HItBTC forbade the withdrawal of funds under the pretext of technical problems. Eventually, the price on the Binance normalized to the Poloniex and HitBTC levels. For now, trading volume on Binace is much higher than other exchanges so that it will be the leading platform for the Bytecoin price. In the light of the fact, that the price not wipe out all its gains from the growth, the markets still in doubt is it worth investments or not? Yesterday the coin has shown a significant growth, which is not connected tot he difference in prices among exchanges.
Latest news:
Latest twitter announcements from the BCN team indicates that they had fixed problem with network and withdrawals from the exchanges, and now the network functions normally.
Technicals
Patterns on Poloniex and HitBTC looks pretty much the same, on the Binance BCNBTC does not have a peak to the 0.000022 level, it just lowered from the highs of opening to the 0.000001 level and from there synchronized with other prices.
Retracement after the growth stopped above the 0.000001 level and went into lateral movement. Recently the price picked up with high volumes and broke above the 0.00000135 resistance, went to the 0.0000015 level and stopped there. Turnaround above 0.000001 level (approx 61,8% Fibo of the recent uptrend) is a positive for the uptrend bias sign. Breakthrough of the 0.0000015 level will confirm the uptrend tendency as well and lead the price to its recent peak at the 0.00002 - 0.000022 zone. 000001 level should stay strong to confirm the uptrend bias, break below this level will dismiss any of the near-term growth scenarios.
Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012. The coin had a negative controversy on the large quantity of premined by the team coins.
With a focus on privacy, Bytecoin competes with other privacy coins like Monero, ZCash, and Dash. Monero is a fork from the original Bytecoin code. Monero supporters argue that the original Bytecoins (>80%) may have been pre-mined for two years before the public release, but this is still being debated by both parties. Still, as Bytecoin has existed for a long time and was available for miners, in the rough estimation over 95% of the coins are already in circulation.
Listing on Binance
Listing on Binance(May 7) started with enormous difference in the prices with other exchanges, provoking a lot of traders and automatic systems to transfer BCN from wallets and even other exchanges on the Binance, to sell it by the much higher price. Instant demand for the coin inflated prices on Poloniex(peak at 0.00000204) and HitBTC(peak at 0.0000022). In result, Poloniex and HItBTC forbade the withdrawal of funds under the pretext of technical problems. Eventually, the price on the Binance normalized to the Poloniex and HitBTC levels. For now, trading volume on Binace is much higher than other exchanges so that it will be the leading platform for the Bytecoin price. In the light of the fact, that the price not wipe out all its gains from the growth, the markets still in doubt is it worth investments or not? Yesterday the coin has shown a significant growth, which is not connected tot he difference in prices among exchanges.
Latest news:
Latest twitter announcements from the BCN team indicates that they had fixed problem with network and withdrawals from the exchanges, and now the network functions normally.
Technicals
Patterns on Poloniex and HitBTC looks pretty much the same, on the Binance BCNBTC does not have a peak to the 0.000022 level, it just lowered from the highs of opening to the 0.000001 level and from there synchronized with other prices.
Retracement after the growth stopped above the 0.000001 level and went into lateral movement. Recently the price picked up with high volumes and broke above the 0.00000135 resistance, went to the 0.0000015 level and stopped there. Turnaround above 0.000001 level (approx 61,8% Fibo of the recent uptrend) is a positive for the uptrend bias sign. Breakthrough of the 0.0000015 level will confirm the uptrend tendency as well and lead the price to its recent peak at the 0.00002 - 0.000022 zone. 000001 level should stay strong to confirm the uptrend bias, break below this level will dismiss any of the near-term growth scenarios.
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