Good morning guys, recently we have seen a huge price jump of bytecoin (BCN). Bytecoin is an old coin and listed in coinmarketcap.com since jun 2014.
BCN has such a high number 184 billion coins and due to its huge supply no one is expecting its price soaring to sky after the announcement that BCN is going to be listed in binance exchange. There is no doubt that binance is a big crypto currency exchange, trading millions of dollars everyday. However after this huge jump the transactions are stuck and network jamed.
Coinmarketcap is showing the price jump of BCN from $0.007132 to $0.0301. This is really big rise for such an enormous amount of coin supply. Because this is not a stock market in which traders are being played in the hands of big players, this is community based crypto market and you can expect anything from it.
Now, all the deposits and withdrawals at poloniex exchange are on hold because of network issue, bytcoin price is now around 130 satoshis at poloniex. I am not sure what will be the impact when this issue will resolve but bytecoin is now under the eyes of big investors which impress us with such a huge market volume. If volume will grow like this there is no reason that we will see Bytecoin in top 10 at coinmarketcap.
See you in comment section.
Image credit: https://coingape.com/bcn-price-skyrockets-by-binance-listing/
Price credit: coinmarketcap.com