Bytecoin has received a lot of attention over the past few days. The currency saw some huge successes going into mid-May, these successes however seemed to present a number of problems to the Bytecoin team, leaving a number of investors and an entire community uncertain about what would happen next.
If you’re unsure about what I’m blabbering on about, check out our full coverage of the Bytecoin saga, here-
Bytecoin Binance Listing
Bytecoin Saga Escalates
Bytecoin Saga Update
The #Bytecoin network has been updated and now it is stable and working normally. Soon deposits and withdrawals will be open on all exchanges. Our team continues to work on our software and we will soon update our users to download new software. The latest version is 3.0.4 #BCN
— Bytecoin BCN (@Bytecoin_BCN) May 10, 2018
In the pursuit of clarity, here’s a little summary to save you trawling through our archives. Bytecoin has finally been listed on Binance, this listing saw popularity rise, as Bytecoin jumped up 160%. This jump caused some issues within the network which was in turn overloaded, both by the increased trading volume and as a result of a bug. Because of this, the network was suspended, and trading ceased, causing the value of Bytecoin to plummet, leaving many traders left unaware of what would happen next.
This saw Bytecoin move from a value of $0.012, up to $0.030 and back down to $0.012 again in a matter of hours, proving just how volatile cryptocurrency markets can be.
Now, at the time of writing, Bytecoin is valued at $0.011 and is up 27.03%.
It finally looks as if Bytecoin is now on a track to recovery. Overall, the value of the currency is down somewhat since its peak, however this is expected, given that many investors will still be wary of involvement within Bytecoin due to the recent events.
What’s next for Bytecoin?
Normal service now seems to be resumed with the majority of wallets and exchanges all back online. As Bytecoin starts to pick up pace and move towards a recovery of some description, we can expect to see its value move back up towards $0.020 and beyond. The coming days should in turn see the trading volume of Bytecoin increase as more people begin to see confidence in its recovery.
For now, Bytecoin remains in a somewhat volatile state. Whilst it does seem to be on the rise, any big events in the markets now could have quite a big impact on the value of the currency. Hopefully, overall, things remain stable, in this instance, Bytecoin should be able to maintain a climb and re-gain some much needed value. After this, we will then be able to truly see how the new listing for Bytecoin has had an impact on the currency overall. Whether this impact is a good thing or a bad thing, we can’t tell yet. Hopefully in due time, we’ll have an answer to this.