One of the cryptocurrencies which has risen sharply in the recent times is Bytecoin. Bytecoin is up by almost 10 times since Binance listed it. This clearly indicates that there is some kind of traction in the cryptocurrency. At the same point in time, the volume has short up significantly as well. As a result, it is gaining a lot of attention as well.
Moreover, there is also a significant amount of difference in the trading price of Bytecoin on Binance and on other cryptocurrency exchanges such as Poloniex and HitBTC. This is also confusing a lot of investors as they do not know which is the real price at which they should think of investing. Moreover, since the price of Bitcoin is significantly volatile, it is difficult to take a call regarding the investing levels as well. At the same point in time, the volume is also pretty high.
Is there a Pump and Dump?
Bytecoin was previously known by the name of privacy coin as it used the Cryptonote. With the help of this application layer, it was able to provide privacy to the users when it came to transactions. As a result, it was able to provide anonymity to the cryptocurrency transactions.
One of the main reasons why this cryptocurrency has become so famous is because the volumes which have been generated a significant. The demand has been on the lower side. Whenever there are astronomical buying orders as compared to lower selling orders, the cryptocurrency appreciates by a significant amount. This is exactly what has happened after the listing of Bytecoin on Binance. Moreover, the volumes have been so high that there are now glitches in the system. That is why the transactions are not going through that smoothly. Moreover, since the demand is high and the supply is always on the lower side, this is further creating momentum for the cryptocurrency. The liquidation is still a problem as the orders are not able to go through smoothly. This is another reason why Bytecoin is gaining a lot of attention as well.
Bytecoin Price Today
With that being said, it remains to be seen whether the prices on the other 2 cryptocurrency exchanges will match the price on Binance or whether the difference in the price will remain. The difference in the price is not just 2% to 5% but it is quite wide. As a result, the investors are staying away from Bytecoin at the moment. Due to the hype generated by the recent listing, there are however enough buying orders to propel the prices even higher. It remains to be seen where it finally settles after this impulse.