The Bytecoin price has risen sharply for the day, from $0.012075 on close of trading May 13 to $0.012438 on Monday. However, the coin’s price has seen a series of odd events and swings since Binance announced its listing on May 7.
By May 9, Bytecoin hit an all-time high of $0.0300, a whopping 343 percent 24-hour price spike. As rumored with new Binance listings, cypto enthusiasts saw this as another pump and dump, unsure Bytecoin would maintain the gains for long. Allegations also circled around the coin’s network and withdrawal issues. By May 11, the price dropped to $0.009889, an extreme that even surprised some of the skeptics.
Unphased by the criticism, BCN resumed its rally on Monday, ratcheting up the charts to a present value of $0.012494. This represents a seven-day increase of 82 percent; however, it also represents a 91 percent decrease from the all time high set six days ago.
Network and Deposit Outages
Around the time of the Binance listing, Bytecoin’s network experience outages. On May 9, its listing on CoinMarketCap also disappeared, even though the coin is in the top 100, at rank 16.
As of this writing, the historical price data for May 9 is missing on CoinMarketCap’s website. The site also has a notice informing visitors that BCN is undergoing maintenance or wallet issues, which the company’s official Twitter account confirms.
As CCN has reported, the project has seen its fair share of controversy and price pumps. The project prides itself on fully anonymous payments.
As Bytecoin’s website states,
Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012. Join us to be a contributor of a worldwide network system that predicts the future.
Founded in 2012, it’s an old hat compared to other coin projects. And more exchanges are getting on board, despite a clearly overloaded network. A May 9 update on the project’s blog states reasons behind the network outages:
“After a closer investigation the source of the problem was determined to be a combination of recent big miners that joined the network with outdated bytecoind versions built more than a year ago and a minor bug in how the block sizes are calculated for consensus. As the hash power of miners who were using the outdated software reached ~25%, the probability of generating a block not accepted by the new bytecoind increased.”
Thankfully the project’s adoption rate of new versions is improving, according to a following update. Users of the coin have shown thanks for the team’s transparency on the network issues and development road map. The outages could just be a growing pain in growing adoption.