Bytecoin (BCN) Network Congests Just as Trading Took Off on Binance
After a phenomenal daily climb and unprecedented volumes, BCN got involved in a scandal again as the network caused problems.
Bytecoin (BCN) made a strong claim to coming back in the midst of fame - but crashed and burned following a phenomenal day where its market price grew more than 160%. Unfortunately, a network problem caused Binance trading to be suspended.
The BCN asset easily looked at climbing from the sub-penny range to a few cents, a feat once performed by TRON (TRX). But this time, Binance will be burdened with solving the issue.
After BCN moved away from Poloniex and gained a new risk profile overnight, its price is in another price discovery period. Warnings abound that Bytecoin does not guarantee earnings, and may be extremely volatile.
The Bytecoin project still has a pseudonymous team, and there have been troubles reported with the network usage. Bytecoin is one of the oldest digital assets, from which Monero (XMR) was created, but this does not guarantee the new versions will be usable. This time, the Bytecoin project competes with much more numerous coins with anonymous features, as well as other projects already established on exchanges.
One of the reasons for the erratic behavior is the sudden interest in BCN trading on Binance, where the price shot up at a great premium. When everyone wanted to move their coins, the network crashed.
It is unknown whether those price conditions would continue. Some believe the Bytecoin project was the object of a scam or a concerted pump. BCN traded in a chaotic manner, reaching $0.01 on Poloniex, but trading as high as $0.02 on Binance and up to $0.03 on other exchanges.
The extremely bullish predictions for BCN feature outlandish prices of a few dollars. But Bytecoin has too much free supply, and this may depress the price. The withdrawals are still disabled on all exchanges, and only early birds managed to make profits after the Binance launch.