Bytecoin (BCN) is experiencing a massive increase after being listed in Binance, one of the most important cryptocurrency exchanges in the market. Cryptocurrency enthusiasts have decided to bet on Bytecoin huge. But is it so?
The price of Bytecoin jumped by a massive margin after listing on Binance. Before listing BCN was merely 72 SAT. Soon after it was listed the price jumped to about 2300 SAT which makes no sense. But then what is sense in the Crypto world?
Who the hell knows right?
If you have paid attention to altcoins over the past few months you will come to know that there is price momentum which makes little to no sense on a regular basis. When the value of a pretty much unimportant altcoins goes up in spectacular uptrend, a massive price crash seems almost inevitable.
Although there have been many pump n dumps, one such was Centra before delisting on Binance. But clearly, Bytecoin tops all of them. Had Bytecoin stayed at 2300 SAT, you would have been looking into it in the top 5 coins by Market Capital size.
By the time of writing this, the total volume exchanged on the BTC market on HitBTC, Poloniex and Binance alone is 82473 BTC. Which is probably a record in itself. Here's the breakdown of the pump n dump over the past day.
| No. | Source | Pair | Volume (24h) | Price |
|---|---|---|---|---|
| 1 | Binance | BCN/BTC | $573,511,000 | $0.024202 |
| 2 | Poloniex | BCN/BTC | $110,092,000 | $0.014141 |
| 3 | HitBTC | BCN/BTC | $65,969,500 | $0.017229 |
As you can see the price movement started just a week before the listing. Then there's accumulation period for 7 days and after that the pump started. This was obviously well planned as the team had already show intention in one of their tweets recently. Here's the link
https://twitter.com/Bytecoin_BCN/status/991951839682793473
- Bytecoin_BCN
This tweet from Crypto_Ed_NL gives a further insight to what was about to happen. Pretty interesting right?
But what's more interesting is this analysis by Satekroketje a reddit user. And no surprise he was heavily downvoted.
Now read this;
The unusual high load doesn't make sense at all for a coin with merely 997 Trx in that time period. What might have happened is that they intentionally manipulated the network to stop deposits into exchanges. Having said that, it's just a speculation for now. I guess, we will find out later on the real deal. Until next time take care.
And oh yeah.. I am badly f****d. I just couldn't resist the massive fluctuation and jumped like a fool. xD
Be careful, you might get killed yourself...
~Thank you for reading~
