Bytecoin (BCN) survived the latest market shakedown, and remains one of the trading hits in Asia. After the recent rapid growth to $0.03, with occasional orders at the wild 20 and 30 cents range, BCN settled around $0.011.
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BCN prices rose by another 25% overnight on robust volume trading, and are still close to the Bitcoin record of the past. Some predictions for the Bytecoin price are extremely outlandish, such as seeing it reach the $1 range.
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The problem is that Bytecoin has an extremely high total number of coins. And almost all of the coins are counted toward the circulation supply. However, in case enough users hold onto the coins, and there are inactive coins on the sidelines, in theory, it is possible that an asset can be pumped to unusual levels.
Recently, Bytecoin was hyped by announcing a fake partnership with Verge (XVG). In some ways, the coins are similar, and the climb of Verge from sub-penny prices to as high as $0.26 was a similar scenario to the Bytecoin spike. However, the Verge project offers a much lower supply of coins.
At this point, the Bytecoin team is comparatively inactive on social media, after resolving a network bug to allow transfers. At this point, the fate of Bytecoin will depend on its popularization and building a new community. The new, pseudonymous team for Bytecoin will also have to show its capabilities both in securing the network and in achieving popularity and possibly marketing goals.
The Bytecoin Telegram channel has seen an inflow of new users, but there are reports of scammers. However, Bytecoin adoption may be hampered, as the network may still be low on nodes, and the Bytecoin wallet remains somewhat cumbersome, similar to that of Monero (XMR).
This article appeared first on Cryptovest
