Bytecoin finally gets listed on Binance – and its price soars within hours…
The power of the big cryptocurrency exchanges has been demonstrated once again by the new listing of Bytecoin over at Binance.
ByteCoin (BCN) originally launched back in the summer of 2012, and bills itself as ‘the first private untraceable cryptocurrency’. Its value has very slowly, very steadily been growing since that time (with occasional spikes, such as a jump at the end of last year, in line with the boom in many cryptocurrency prices), although volume levels have been pretty constant.
For some time, though, there’s been an effort to get BCN listed at the Binance exchange. Those efforts finally bore fruit today, with the announce that Bytecoin was being listed, with immediate effect, on the exchange. Here’s the confirmation from Binance…
— Binance (@binance) May 8, 2018
Not that this came as a massive surprise. Last month, there had been signs that the announcement was on the way, with a quiet surge in the price of BCN, and an upturn in volume, as many anticipated the announcement.
With the official confirmation, though, came a sudden surge of some 30% in the price of Bytecoin, from $0.0090 to $0.0068.
Here’s the chart covering the last two weeks. Look in particular at the spike in volume over the past 24 hours, as a consequence of the Binance listing. Plus, earlier this month, when reports swirled that the announcement was imminent.
It’s not unusual, of course, for a cryptocurrency to enjoy such a spike after gaining a listing on a high profile exchange, and the likelihood is that Bytecoin’s price will settle down a little after such a jump.
Still, it’s soared into the top 25 of coins off the back of its listing. As a consequence, getting a listing on Binance continues to be seen as something of a star prize for cryptocurrencies…