The week started off with all the major cryptocurrencies taking the downward slope including the coins which witnessed a massive rise the previous week. However, the market seems to be in favor of Bytecoin [BCN] as the coin has gone up by then 15% in the past 24 hours.
According to CoinMarketCap, at press time, the coin was trading at $0.002 with a market cap of $430 million. The market cap of the coin has gone up by over $6 million since the beginning of the day.
The reason behind the rise of the coin remains unknown but the highest volume for the coin is on Binance along with Bitcoin [BTC] trading pair. The coin has over $2 million trade volume on Binance, one of the biggest cryptocurrency exchange platforms in terms of trading volume. This is closely followed by HitBTC and Poloniex with over $1 million trade volume.
Recently, the coin was added as a payment option at Lynx Art Collection, which features the Satoshi Canvas. The canvas is currently famous for changing its appearance and animating with sound when scanned with an iPhone or an android phone.
Moreover, the coin made a buzz in the market in the month of May 2018. This was also because of its unpredictable price rise. Bytecoin had seen a rise of more than 150% within a matter of hours, which was followed by Binance and Poloniex listing the coin on their platform.
The coin’s trading volume surged from $6 million to over $300 million. This resulted in the coin ranking on the 15th position on CoinMarketCap and the community calling it either a classic pump and dump scenario or a scam. However, this soon resulted in BCN investors panicking in the market as exchanges had stopped the trading services for the coin without giving any clarification in the coin’s state.
Succeeding this, the developers of Bytecoin stated that around 25% of the miners were using the outdated software to mine the coin and the rest were using the updated software. Since 25% of the miners were using the outdated software, it resulted in a bug appearing in the consensus software. This was followed by the team shutting down the activity in order to prevent a fork from taking place.
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