Bytecoin Prices Surge After the Cryptocurrency is added to Binance
May 8, 2018, 11:40AM
The privacy-focused Bytecoin (BCN), has more than doubled after a listing to the popular Binance digital asset exchange.
The cryptocurrency market is largely flat today with most of the top 100 assets moving either up or down by single digits. The market's total capitalization is $440 billion with Bitcoin dominance steady at 36%. However, amid the relatively flat price action, one asset, Bytecoin (BCN), has more than doubled after a listing to the popular Binance digital asset exchange.
What is Bytecoin?
Bytecoin is a decentralized, proof-of-work-based cryptocurrency designed to maximize user privacy and facilitate anonymous transactions. Unlike Bitcoin (BTC), Bytecoin archives anonymity through something called the Cryptonote protocol which uses ring signatures to conceal wallet balances and transaction information. The asset was launched all the way back in 2012 but has received relatively little attention compared to similar assets.
However, Bytecoin has gained the attention of the cryptoverse with its recent addition to Binance, one of the most popular digital asset exchanges in the world. The following pairs will be tradable: BCN/BNB, BCN/BTC, and BCN/ETH.
The price of Bytecoin has increased 164% in the last 24 hours to a per-unit price of $0.018 and a total market cap of $3.31 billion. Despite the huge surge in buying activity, transaction volume is relatively low at only $88.72 million out of a total supply of 183.88 billion BCN. Bytecoin has now knocked down VeChain (VEN) for the 15th position by market cap on coinmarketcap.com.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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