Bytecoin (BCN) is a case study in the resilience of digital assets. After the network proved inadequate to handle increased demand for trading, wallets on exchanges were closed, and the team was left to fix a bug.
Now, at least when it comes to pricing information, BCN stands at $0.011, shrinking the weekly gain to around 60%. Still, the asset seems to hold onto the prices above a penny, and many newcomers are yet to notice the coin.
The price will have to survive in the coming days. Unfortunately, the re-launch for BCN comes at a time when the entire market is in the red, and Bitcoin is pressured below $9,000.
The network is also functional again, at least by the team’s promises. What is encouraging is that after months of extremely low volumes, and one unprecedented spike in trading, BCN is back on the radar, as trading on Binance takes off. The Minergate service is also back on track with BCN withdrawals.
The price spike reflected for BCN shows the asset reach 3 cents, but there are social media mentions of outlandish prices of $0.30, so far excluded from the calculations. Reddit users mention losing thousands of dollars.
But compared to other spikes and drops, such as the move of Verge (XVG) from $0.26 down to $0.03, the final move of Bytecoin was not truly dramatic even by the standards of cryptocurrency. The only trouble was the sudden prominence of the coin, which brought in buyers at peak prices. As the markets turned to the red, BCN threatens to go below penny prices once again.
For Bytecoin, the move to prominence resembles the return of older digital assets which tried to revamp both their technology and the public image. However, at the moment, it is unknown whether the project can attain the profile of XVG, or similar sub-penny assets that are suddenly hot again.