Bytecoin Price: Is There Any Hope For BCN?
After a day or two of positive looking charts, the cryptocurrency market has fallen back into the sideways patterns we have come to be used to over the past couple of months.
There are a couple coins that have rallied to show positive gains, but most are down on the day. On a day when market news is slow and hard to come by, we are not seeing anything too exciting happen on the trading end of things.
It has been a rough couple of months for cryptocurrencies, and for Bytecoin, it is simply getting worse. The price has been straddling a critical line, right around $0.00133754 USD. This is a critical support level that Bytecoin must not drop below. Dropping below this price will see the new support level being at $0.00035841 USD, which would be a 115% drop from its current price.
BCN/USD Price Chart, Thursday November 8th:
Bytecoin is already trading at its all-time low price, down a total of 175% from its all-time high of $.01955, a further decline of 115% might spell the end of Bytecoin. Bytecoin has already been delisted by cryptocurrency exchanges, OKex and Binance, the latter being one of the catalysts that began the free fall in Bytecoin prices.
According to Binance’s CEO, who explains that they conduct “comprehensive and periodic reviews of each digital asset” to make sure that “projects maintain a high standard of quality”, and that if “a coin or token falls below this quality standard,” it gets reviewed more closely, and becomes a potential candidate for delisting.
Currently Bytecoin still holds a $243,452,938 USD Market Cap, although Volume is down to $556,529 USD over the past 24 hours. With no news, announcements or other communications coming from the Bytecoin Dev team, it seems that the Original Anonymous cryptocurrency and father to Monero maybe on its deathbed.
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