Bytecoin feels the power of Binance with 150% leap

Updated  9 May 07:16 UTC

The crypto market has stabilised after weekend falls, with bitcoin at $9,400. Bitcoin traded as low as $9,200 on Sunday.

The US regulators meeting on crypto  takes place behind closed doors but there may be snippets of information that emerge.

The standout story today in terms of alts is the continuing surge of privacy coin Bytecoin (BCN).

The coin has has just been listed on Binance and has leapt 150% as a result, according to coinmarketcap. Binance is one of the fastest growing exchanges in the space and is currently setting up a new operation in Malta.

Bytecoin has a supply of 184 billion of which 183.3 billion is circulating, but that figure reduces over tine, making it a deflationary protocol. Also, the mining on the network is ASIC-resistant.  The coin is currently priced at $0.017118. But you may need to be extremely brave to look for an entry point at these elevated levels.

BCN is 226% higher in the past seven days and now boasts a market cap of $3.14 billion making it the 15th-ranked coin, just below NEM.

Two weeks ago Japanese regulators urged exchanges to remove the more well-known privacy coins Monero and Zcash from their markets.

Meanwhile, sharding-based Zilliqa (ZIL) continues to advance, 16% improved over the past 24 hours at $0.146.

Ninth-placed coin IOTA, with its unique Tangle scaling solution, has charged ahead 20% Tuesday morning London time.

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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