Following two days of selling pressure the markets have stabilized a little and even started to gain marginally during the morning’s Asian trading session. Total market capitalization is climbing back towards $450 billion and Bitcoin did not drop below $9k. It is currently trading up 1% on the day at $9,440. Altcoins are mostly in the green today as they forge a recovery from the recent correction. As usual one is surging ahead of the pack and today that crypto is Bytecoin.
Coinmarketcap is reporting a 31% gain in BCN from this time yesterday. The spike started about an hour or two ago as price jumped to $0.0090 from $0.0068 on Monday. Over the week Bytecoin has risen almost 75% from $0.0052 this time last week. During the past 30 days it has performed very well surging nearly 300% from $0.0021 this time last month. Against Bitcoin BCN has climbed 30% on the day to 96 satoshis from 74 sats this time yesterday. Monthly gains have been exceptional with a climb of 210% from 31 satoshis on April 8.
The boost has pushed Bytecoin into the top 25 to 22nd place where it currently sits. BCN is the first cryptocurrency based on the CryptoNote technology with an open source code designed for anonymous cash settlement. It joins the growing ranks of privacy based altcoins entering the crypto-scape. Binance announced a listing 2 hours ago which has sent this altcoin skywards on the fomo elevator.
— Binance (@binance) May 8, 2018
Trade has been dominated by the few exchanges where this cryptocurrency is currently listed, namely HitBTC and Poloniex. BCN volume has jumped in the past few hours from $5.4 million to just over $10 million as traders ride the upward wave. Its market cap is now $1.5 billion which is 50% higher than this time last week. The increase has carried Bytecoin above Lisk, Verge, and Nano.
Total crypto market capitalization has regained 3% on the day to $447 billion indicating that the last two days were just a small correction as traders took profits. Trade volume for all cryptos has remained steady at around $25 billion. Other altcoins performing well during the Asian trading session include EOS, VeChain, Icon and Verge.
More on Bytecoin can be found here: https://bytecoin.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.