Bytecoin (BCN) holders and users were faced with a massive scare when the altcoin recorded one of the biggest price dip since inception into the crypto market. Due to a transaction error spotted by Binance, the BNC was temporarily closed for trading on Binance, Poloniex and HitBTC.
However, what followed caused a major scare. Bytecoin almost instantly dipped from its 15th position to the bottom position if 1594 based on market capitalization. These data go a long way to prove that majority of BCN coins are traded on Binance, and may just be responsible for the huge price pumps of BCN.
The drama was halted after Binance announced the reopening of BCN for trading on the platform, however the coin is still undergoing maintenance of the biggest platform exchange. The maintenance is to fix network and trading issues with Bytecoin on Binance. BCN is now active on Poloniex, but is still in recovery on HitBTC.
Price and Market Performance of Bytecoin (BCN)
After two days of damage to Bytecoin, everything seems to be falling back into place and the altcoin has been posting some of the biggest gains. As at the time of this writing, Bytecoin is now ranked 17th based on market capitalization with $2.19 billion USD.
Bytecoin is listed among the top 20 biggest gainers in the crypto market over the last 7 days. The price of the altcoin has hiked by 62.66% over the last week. Over the last 24 hours, Bytecoin is up by 27.58%, as a result, the altcoin is now trading at $0.0119 as of this writing.
What Caused the Bytecoin (BCN) Price Dip?
Bytecoin may have completed its market comeback, but still remains heavily reliant on Binance for trading. In the last 24 hours, Bytecoin records a trade volume of $148 million USD, of which 83% – $122 million comes from Binance.
Other exchanges BCN is listed on, HitBTC records $12.2 million and Poloniex $10 million. These three crypto exchange platforms record 99.58% of Bytecoin’s trade volume over the last 24 hours. To avoid a repetition of the huge price dip, Bytecoin needs to work on diversification by getting more listings on exchange platforms.
Possible Solution to Bytecoin’s (BCN) Technical Problems
With the trading issues Bytecoin is facing with major exchange platforms, updates to desktop wallets have been released to handle the issue. However, a permanent fixing may just be on its way. According to the official Bytecoin road map, the cryptocurrency would be performing a hardfork on Tuesday, June 12, 2018.
The Bytecoin hardfork, if actualized will solve most of the technical issues plaguing the digital asset, especially the wallet and exchange trading problems. The hardfork would see Bytecoin (BCN) adopt a new software, hopefully one with less issues. The Bytecoin hardfork will see the official web wallet switch to a new API.