Bytecoin (BCN) is the asset that gave way to Monero (XMR), but due to scandals with a pre-mine, and the withdrawal of the community, remained relatively obscure. The BCN market price recently spiked along with other altcoins, but the asset remains relatively unknown.
BCN grew by 12% in the past day to $0.0023, still far from the previous peaks against the USD and BTC. But the sentiment around the coin is improving, and it is seen as an alternative to similar digital assets.
Now, Bytecoin is seeing more talk in crypto related social media, after spending years being known as a “scam coin” and shunned by the community. In essence, Bytecoin is a CryptoNote digital asset, which may now, in theory, be mined by ASIC.
In the past, Bytecoin gave way to an early crop of now-defunct CryptoNote assets, such as DuckCoin, and there was a time when that type of coin was as easy to create as a token. But a few years after that, a renewed demand for anonymous coins brought back CryptoNote back in fashion. This hashing algorithm and the privacy features were used to create assets like Electroneum (ETN).
For Bytecoin, the biggest obstacle to achieving a peak market price is the large supply of coins, as more are mined. But at recent low prices, the asset may be a risky bet for more growth.
In the past six months, the Bytecoin project has accrued developers again, and with a new wallet is now more user-friendly. The asset has also seen more listings on exchanges, although almost all trading is still concentrated on HitBTC.