Bytecoin (BCN) is experiencing a massive increase after being listed in Binance, one of the most important cryptocurrency exchanges in the market. Cryptocurrency enthusiasts have decided to bet on Bytecoin huge. But is it so?
The price of Bytecoin jumped by a massive margin after listing on Binance. Before listing BCN was merely 72 SAT. Soon after it was listed the price jumped to about 2300 SAT which makes no sense. But then what is sense in the Crypto world?
Who the hell knows right?
If you have paid attention to altcoins over the past few months you will come to know that there is price momentum which makes little to no sense on a regular basis. When the value of a pretty much unimportant altcoins goes up in spectacular uptrend, a massive price crash seems almost inevitable.
Although there have been many pump n dumps, one such was Centra before delisting on Binance. But clearly, Bytecoin tops all of them. Had Bytecoin stayed at 2300 SAT, you would have been looking into it in the top 5 coins by Market Capital size.
By the time of writing this, the total volume exchanged on the BTC market on HitBTC, Poloniex and Binance alone is 82473 BTC. Which is probably a record in itself. Here's the breakdown of the pump n dump over the past day.
No. | Source | Pair | Volume (24h) | Price |
---|---|---|---|---|
1 | Binance | BCN/BTC | $573,511,000 | $0.024202 |
2 | Poloniex | BCN/BTC | $110,092,000 | $0.014141 |
3 | HitBTC | BCN/BTC | $65,969,500 | $0.017229 |
As you can see the price movement started just a week before the listing. Then there's accumulation period for 7 days and after that the pump started. This was obviously well planned as the team had already show intention in one of their tweets recently. Here's the link https://twitter.com/Bytecoin_BCN/status/991951839682793473
This tweet from Crypto_Ed_NL gives a further insight to what was about to happen. Pretty interesting right?
But what's more interesting is this analysis by Satekroketje a reddit user. And no surprise he was heavily downvoted.
Now read this;
The unusual high load doesn't make sense at all for a coin with merely 997 Trx in that time period. What might have happened is that they intentionally manipulated the network to stop deposits into exchanges. Having said that, it's just a speculation for now. I guess, we will find out later on the real deal. Until next time take care.
This is how investing in Crypto feels like
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haha yeah... xD
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Haha! Definitely. I need some humor after I bit the bait yesterday...
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Nowadays market became gambling.. It's bad.. ๐
Also coins going up just in hype also dump so hard
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I won't say that. But yeah it's part of the market.
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Wow this an amazing
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I don't think this is amazing at all. You just didn't read the post yet commented. I guess, that's what so amazing xD
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Great. This is amazing.
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Haha I love your ending. Wasn't expecting that. I am just a little fucked. Live and learn.
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Well, I bought a ton. And lost shitload of money. I can't sleep now. Re-adjusting my positions to cover the loss.
I never learn, I am just too greedy.
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I bought around when you did too.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by larissa from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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