It has been almost two days without a Bytecoin price pump, but that situation is being rectified as we speak. This seemingly popular altcoin is getting a lot of interest from speculators as of late, even though it remains unclear why that is the case. Thanks to another 26.31% price increase, its value has now shot up to $0.011 once again.
THE BYTECOIN PRICE PUMP CYCLE CONTINUES
It is not the first time this month the Bytecoin price becomes massively inflated for no good reason. About a week ago, the price surged from $0.006 to $0.017 despite no real big news being announced or no new use cases coming to the table. Similar to most altcoins, there are very few reasons to own Bytecoin other than speculative reasons and hope things will get better eventually.
Even so, that is not keeping speculators from driving up the Bytecoin price at this stage. With another 26.31% pump in the past 24 hours, this particular altcoin is certainly heading in an interesting direction. Although it only barely holds on to the $0.011 mark right now, it is certainly possible that will not be the highest level for today. The cryptocurrency industry is trying to recover from a rough weekend, but it will not be easy to do so.
As one would come to expect, the Bytecoin price benefits from a strong gain over Bitcoin as well. The BCN/BTC ration has increased by 28.35% in the past 24 hours, which is a pretty interesting development. As long as Bitcoin remains stuck in sideways trading, it is up to the altcoins to drive the total cryptocurrency market cap back toward $400bn. The role of Bytecoin in this specific process has yet to be determined, although this current price trend hints at positive things for the industry as a whole.
With $159.466m in 24-hour trading volume, Bytecoin isn’t doing anything impressive. It is solid volume to keep the current momentum going, nut compared to real top cryptocurrencies, it isn’t anything out of the ordinary. CoinMarketCap still claims BCN suffers from potential wallet issues, although it seems most of those problems have been resolved in the process.
Anyone who guessed how Binance would be the leading trading platform for Bytecoin during this new pump is absolutely correct. Its BTC pair generates 78.32% of all trades, further confirming no one else really cares about BCN. Poloniex is in second place, followed by HitBTC. All three exchanges trade BCN against Bitcoin, but the latter two do so in far less spectacular fashion.
How the Bytecoin price will evolve, is always difficult to predict. It is a market which makes little to no sense right now, but it is certainly possible future gains are a part of the game. If that is indeed the trend, the Bytecoin price can hit $0.015 later today, although it remains to be seen when the bagholders will begin cashing out. Now is a good time to start taking profits, as this momentum will not be sustained much longer.