Bytecoin (BCN) Loses 50% Market Cap In One Month
It hasn’t always been bad news for Bytecoin (BCN) as the digital asset managed to escape the downtrend that struck the crypto market in May.
During the market crisis of last month, Bytecoin (BCN) managed to record its all-time trading high, and also closed the month with a 24% inclination in value.
Bytecoin (BCN) opened for trade in May with a trade – exchange volume of $0.0051, hit its all-time high of $0.016, and closed the month of May with a price of $0.00684.
Bytecoin’s surge in May made it the monthly winner among the ‘big’ cryptos, as a result, a lot of prospects were raised for the altcoin in June.
Current Price of Bytecoin (BCN)
Bytecoin users and HODLers enjoyed a merry month (in May) as they saw their asset top the charts of crypto gainers daily.
Unable to reinstate the dominance Bytecoin (BCN) exuded in May, the bearish market trend in the last three weeks has not been so kind to BCN, as the value of the asset plunges further into the red daily.
The current nosediving price of BCN has tarnished a lot of hope from investors, traders and crypto enthusiasts which the asset raised with its excellent run last Month.
Bytecoin’s run in the market is a shadow of the potentials it brought to the crypto stage in May.
As at the time of this writing, Bytecoin has a trade value of $0.0034 and an estimated market cap of $643 million USD, both of which are approximately 50% short of what it opened the month of June with.
Remarkably, Bytecoin’s daily trade – exchange volume remains unaffected and seem to improve regardless of the nosediving prices.
Bytecoin’s dropped market cap has now made it the 26th largest cryptocurrency by the same measure.
The dumpster diving trend of Bytecoin has in no way affected the functionality of the project and has not wavered in continuing to pursue its goals.
Through the decline, Bytecoin has also had some good news which could salvage the dumpster diving situation of the asset.
Bytecoin (BCN) Gets CoinDeal Listing
Last week, the leading cryptocurrency exchange platform based in Cyprus announced via its Twitter account that Bytecoin has been officially added to the list of assists available for trading on the platform.
The CoinDeal listing adds to Bytecoin’s already impressive list of exchange listings.
The CoinDeal listing gave the price of Bytecoin an early boost.
Less than 24 hours after the CoinDeal announcement, BCN was trading in the green, up by almost 10%, as a result, it traded as high as $0.0042 within that period.
However, two days after, the hike has flattened out, and the bearish trend has once again caught up with BCN.
The bearish trend Bytecoin is facing did not prevent its listing on CoinDeal which proves the coil remains effective amidst the decline.
There are also rumors and signs (the official Bytecoin twitter handle dropped hints) that Bytecoin could list on OKEx soon.