Bytecoin (BCN) drew limited attention in the past months - but now, with a growth of more than 165% in a single day, BCN made a splash. Finally, the privacy, CryptoNote coin made it to Binance, the highly liquid exchange that increases the visibility of assets due to its international user base.
After the Binance listing news, BCN jumped to penny prices within a day, from $0.006 to $0.016. BCN, which was limited to trading on Poloniex, an exchange that has lost almost all appeal for crypto enthusiasts, set a series of records. Within hours, the price climbed to record Bitcoin prices, and trading volumes reached a peak. After the slump of a few months after the December movement, BCN looks like it is back in the game.
With pairings against Ethereum (ETH) and Binance Coin (BNB), the newly added asset will have a different risk profile. So far, no Tether (USDT) pairing has been proposed.
Bytecoin rose also as another CryptoNote coin that may attract miners, currently expelled from Monero (XMR). The Bytecoin team, which still remains mysterious, has taken a different path from Monero in that regard, allowing for ASIC mining in the short term:
“Bytecoin will support ASIC mining, at least until the end of 2018. We don’t have any right to open up our system and our users to attacks, as well as let our users be de-anonymized. The basic value of a coin is based on the PoW and its consensus’ ability to protect the ecosystem. In this case, ASIC miners are acting like protective agents in their ability to defend it,” wrote the team in a recent statement.
In the case of BCN, penny prices were seen in the past, and it is unknown how the price would move in the coming days. BCN has a supply of above 183 billion coins, higher than Ripple (XRP), TRON (TRX) and IOTA (MIOTA) taken together.
The recent price spike put BCN on position 15 by market capitalization, and the whole supply of BCN is estimated to be worth $3.2 billion. This may increase the visibility of the coin in the coming days, as Binance activity picks up.
Bytecoin has received complaints for having a complicated wallet that takes a long time to synchronize.