Bytecoin Price Corrects Itself as Common Sense Returns to the Market

A lot of things have happened for ByteCoin in the past few days. After yesterday’s massive and ridiculous pump, it seems the currency has now been removed from CoinMarketCap. Even the listing of BCN on Binance did not turn the momentum around whatsoever.

Things are not looking all that great for Bytecoin right now. This somewhat popular was subject to a massive price pump yesterday afternoon. That issue was only compounded when Binance decided to enable BCN trading shortly after. This decision has been questioned by a lot of cryptocurrency enthusiasts. At the same time, exchanges need to make money when the opportunity arises. Adding Bytecoin made sense yesterday, yet it eventually resulted in a massive price decline.

The Bytecoin Fairy Tale Comes to an End

This drop was to be expected, though. Any altcoin gaining in value usually bottoms out pretty quickly. This is especially true when said altcoin gains 150% in value with no real trading volume. Even though the trading volume increased after the Binance listing, the end result is still the same. Bytecoin holders are not too amused by these developments, for obvious reasons. Even so, anyone doing some sort of research could have seen things would not end well.

To make matters worse, CoinMarketcap no longer lists Bytecoin. They are usually quick to remove currencies which are part of a pump-and-dump cycle. It is possible BCN will be reinstated in the future, but for now, the situation remains in place. CMC even mentions how the currency is under maintenance and experiencing wallet issues. There are some issues to contend with, for sure, but those are very different compared to what is listed there.

As of right now, Bytecoin is still trading on Binance, even though its volume has decreased quite a bit. Moreover, the BCN price has decreased by nearly 90% over the past 24 hours. Considering how the Bytecoin price had soared by over 150% in quick succession, this decline is not as steep as one might think. Instead, the value is heading back to where it belongs, which is well below the $0.01 mark.

Header image courtesy of Shutterstock

Tags: , ,

read original article here