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One of the cryptocurrencies that has grown sharply in recent times is Bytecoin. Bytecoin has been increasing almost 10 times since Binance listed it. This clearly indicates that there is a kind of traction in the cryptocurrency. At the same time, the volume also has a significant increase. As a result, it is also getting a lot of attention.
In addition, there is also a significant difference in the price of Bytecoin trading on Binance and other cryptocurrency exchanges such as Poloniex and HitBTC. This also confuses many investors as they do not know what the real price they should think of investing is. Moreover, since the price of Bitcoin is very volatile, it is difficult to make a decision even with regard to investment levels. At the same point in time, the volume is also quite high.
Is there a pump and dump?
Bytecoin was formerly known as private currency because it used the Cryptonote. With the help of this application layer, he was able to provide privacy to users when it came to transactions. As a result, he was able to provide anonymity to cryptocurrency transactions.
One of the main reasons why this cryptocurrency has become so famous is because the volumes that have been generated are significant. The question was at the bottom. Whenever there are astronomical purchase orders compared to the lower sales orders, the cryptocurrency appreciates a significant amount. This is exactly what happened after the inclusion of Bytecoin on Binance. Furthermore, the volumes were so high that there are now problems in the system. This is the reason why the transactions are not successful. Moreover, as demand is high and supply is always at the bottom, this is creating additional momentum for cryptocurrency. Settlement is still a problem as orders are not able to pass smoothly. This is another reason why Bytecoin is gaining a lot of attention.
Bytecoin Price Today
That said, it remains to be seen if the prices of the other 2 cryptocurrency exchanges will correspond to the price on Binance or if the difference in price will remain. The difference in price is not only from 2% to 5%, but it is quite large. As a result, investors are moving away from Bytecoin at the moment. Because of the hype generated by the recent listing, there are still enough purchase orders to push even higher prices. It remains to be seen where it finally settles after this impulse.
