The current price of the Bytecoin fluctuates around $0.000254; the total market capitalization is $46,719,590 or 6,362 BTC, which makes BCN one of the 80 most popular digital currencies as of January 2020. The circulating supply is 184,066,828,814 BCN, while the maximum supply is 184,470,000,000 BCN. The daily trading volume is around $2,270.06 or 0.30910865 BTC. The most active exchange that trades Bytecoin is Poloniex.
The all-time high of Bytecoin, $0.030134, was reached on May 8, 2018 – outside the most famous cryptocurrency bull-run of Winter 2017-2018. On the other hand, the all-time low of Bytecoin, $0.000006, occurred way back on November 29, 2014. Currently, the estimated ROI (return on investment) of BCN is 288.70%, which means that $100 worth of BCN bought at the time of the Bytecoin launch would yield around $288 of profit today.
The history of Bytecoin is not the most transparent one: up until 2014, it was almost not heard of in the cryptocurrency community. Since it was not even listed on the cryptocurrency exchanges, some speculate that Bytecoin technology was extensively used in the darknet markets. The Bytecoin developers never commented on that matter.
Launched in 2012, Bytecoin is one of the oldest cryptocurrencies in existence; at the time, the price of the coin was very low. In 2014, BCN was listed on several major trading platforms; that was when the developers started talking about their project, and the coin got some attention and a proportional increase in price – up to $0.00005. The market capitalization hit a $9 million mark.
From that time and up until 2017, the development of the project was slow, and the price chart did not change a lot. The first positive movements began in the spring of 2017 when the price of BCN went up to $0.003, which was almost a 100-fold increase. This change was associated with the listing of Bytecoin on several major exchanges, including Poloniex and HitBTC.
In winter 2017, following a general cryptocurrency market bull trend, the price of BCN reached a 1 cent level and a market cap, which exceeded $1 billion, which was astonishing progress when compared to the initial price.
Unlike many other coins, Bytecoin did not just benefit from the bull trend to reach its all-time high. In fact, the peak value was reached almost half a year later, in May, when Bytecoin was listed on Binance.
BCN had its share of attention in 2018 when several significant partnerships were established. However, numerous problems with Bytecoin withdrawal and deposit led to it being delisted from major exchanges; the coin has been in a bearish cycle ever since, and there are currently no good reasons to believe it would end anytime soon. According to WalletInvestor, Bytecoin is not a good long- or short-term investment; its price is expected to drop by 90 percent in 2020 and keep going down afterward. Read More about future Bytecoin’s Price
What is Bytecoin (BCN)
Bytecoin (BCN) is a fully decentralized and open-source digital currency with a strong focus on anonymity and privacy in P2P transactions. Bytecoin emerged back in 2012, intending to facilitate anonymous, fast, and untraceable transactions. Bytecoin was the first coin to have implemented the CryptoNote encryption algorithm (Monero and Electroneum followed afterward).
Bytecoin’s main advantages are fast and cheap transactions around the world, full confidentiality, and protection against double-spending. Some of the features that provide enhanced anonymity are unlinkable addresses, ring signatures, and unrelated transactions. The block time is claimed to be 2 minutes.
Ring signatures, one of the most interesting features of this coin, are primarily responsible for hiding one’s identity by mixing the sender’s signature with the rest of the accounts working on the network. The more input is included in the transaction, the more hidden it becomes – and the transaction fees get higher as well. As the price grew up to $0.001 in the second half of the year, the market capitalization reached $700 million.
Manage your crypto wisely! Learn how to setup Atomic Wallet to send, receive, exchange and buy cryptocurrency.