Bytom (BTM) saw significant price action ahead of its mainnet launch on April 24. But afterwards, the coin only slid down. Until yesterday, when BTM rose suddenly by nearly 20% in a single day, to $0.75. In the past, BTM has touched $1 prices.
!BTM!
The price support for Bytom comes from Korea, but the coin has a unique risk profile, in that it does not trade against fiat directly, More than 60% of BTM volumes are traded against Tether (USDT), a share not seen in any other coin. It is unknown if this ratio holds over the longer term, but for now, the effect of USDT means the BTM price may be over-inflated by the additional liquidity. It also means there is no easy off-ramp for BTM, except through other digital assets.
But the biggest boost for the Bytom project comes from the up and coming ASIC mining.
https://twitter.com/asianminershop/status/998387898872365056
It was precisely this news that may have boosted Bytom over the last few hours. The dedicated machine gives credibility to the project, and may see Bytom reach a higher price range. The launch of an ASIC just days after the mainnet launch is no coincidence - and Bitmain also worked hard to release new firmware and make the first batch of Antminer B3 work smoother, with a higher hashrate. But Bytom just became one more coin to add to the radar as an influential project with a well-supported network.
The Antminer B3 sells for about $2,200, and is a part of several new batches, targeted to projects like Ethereum (ETH), ZCash (ZEC), and CryptoNote coins.
The total supply of BTM coins is 1.4 billion, with 987 million in circulation. With a market cap of $725 million, BTM is a short distance from the $1 billion market cap club, which would give the coin more prominence. Additional exchange listings may also lift the fate of BTM. BTM has a presence on Huobi and OKEx, but still no word for a Binance listing.
This article appeared first on Cryptovest
