Bytecoin (BCN) is still partially, both in terms of trading and price information, and in network usage. The project, which promised a revamped network and team, floundered instead of flourishing after the listing on Binance.
The Binance price quickly jumped 10 times in comparison to other exchanges. One of the problems that Bytecoin created was a new crop of buyers jumping in at unrealistically high prices, above 20 cents, where the coin had hovered for years below a penny.
The other problem was that the Bytecoin network was very old, and obsolete for the level of interest seen in the spring of 2018. It turned out the Bytecoin network did not have enough supporters, and with only a small number of nodes and slow mining, passing the big wave of transactions proved impossible.
The Bytecoin team immediately tried to solve the issue - but for now, the entire ecosystem remains frozen. For buyers at the peak, the BCN price movement might as well be the proverbial slide of the price to zero.
At the moment, HitBTC is providing price information, listing BCN at 14,589 Satoshi. The Bytecoin network works at a relatively low 148,053 TH/s, a rate still allowing for GPU mining. But this makes the network slower, and potentially riskier to an ASIC attack, or even a 51% attack, at least in theory.
The network still produces a block every two minutes, but those blocks contain only a few transactions, showing activity has slowed down to almost nothing, now that both Binance and Poloniex have closed off their wallets.
The Bytecoin team has requested a renewal of pricing information from CoinMarketCap.
One of the reasons for the panic buying was that based on market capitalization, and due to the numerous coin supply, Bytecoin briefly jumped to position 4 in the top 10, suddenly looking like a prominent coin, inviting buyers on the lookout for growth opportunity.