Several people on my channel have asked me about Bytecoin recently and I did a video several months ago on Bytecoin right after it got listed on Binance that said it looked decent. More recently, I’ve said that Bytecoin needs to get more people to use its mainnet before we look for any kind of a price pump. Now, I would tell people to not buy Bytecoin for now because it just got de-listed from Binance. Binance has several reasons to de-list a coin and it did not reveal specifically why but none of those reasons are good. Since a significant part of Bytecoin’s volume came from Binance, we could have expected a decrease in price when this happened. Since it is not for lack of trading activity that Binance de-listed them, we can assume it was either lack of commitment to the project by the team, development cycle problems, network instability, or lack of responsiveness to Binance inquiries. For prospective investors of Bytecoin, I think it would be best to hold back until we receive further news on this topic.
Bytecoin(BCN) Price Prediction
Bytecoin(BCN) is a coin that generates a lot of buzz these days. Investors are excited about its roadmap and its potential in the future and they have a right to be. It is revealed to be on the list of coins that Coinbase was considering to be in their custody portfolio later this year. Bytecoin hit a high of about 1.5 cents early this year when the crypto market was at its peak and since I believe Bitcoin will recover to about its high last year in Q3 and Q4 of this year, I believe Bytecoin will go past its previous high by year’s end. This is partly because Bytecoin is a lot more developed now compared to in January of this year and also because Coinbase will probably add it to its list of coin offering which could mean a significant spike in volume for smaller coins.
Dogecoin, Bytecoin, and Siacoin, its time to buy?
Ever since Coinbase last week announced the possibility of adding 40 new coins, I’ve been looking at three of them. Those three would be Dogecoin, Bytecoin, and Siacoin. Bytecoin has been generating lots of buzz and I think being added to coinbase, which has a good chance to be picked up by retirement and pension funds sometime in the future, will drive up both the demand and the price of the coin. People are also excited about the technical capabilities and potential of Bytecoin. Siacoin, I am excited about the service and product that they are going to offer. Being able to rent or sell unused hard drive space would fill a need and there is a big market for it. Once it gets in front of more eyes, I think it will go up. Dogecoin, I think, has a lot of potential as well, especially since it got listed in Robinhood and since it is used as a trade-in coin for smaller cryptos. It seems that the once meme-coin is gaining major traction and may become a staple in institutional funds in the future.
Bytecoin, is it a good buy?
Bytecoin is another coin with a market cap of about $1 billion at the time of this writing and many people have asked me about it on my channel. Some of them have said it is more promising than Dogecoin because of the technology behind it. You can’t really compare any of the other small cryptocurrencies to Dogecoin, because Dogecoin has a use in the market. Dogecoin is used as a market trade-in coin for many smaller cryptocurrencies and is actually the best market coin for many of the micro ones. There are DOGE markets at most smaller exchanges so that is something that DOGE has that coins like Bytecoin do not.
Bytecoin itself offers privacy for users, blockchain technology for businesses, and maximum returns for investors. Will it go up when the Bitcoin bullrun commences? Yes, of course it will, just like almost every other coin so buying it right now isn’t a bad idea. However, for a long term hold, I have to see more than what its offering right now. I need to see more than a future network launch. I need to see businesses actually adopting the network, I need to see actual places I use everyday to accept the coin as payment. Without these things, most of the coins on the market are nothing more than speculative commodities and while that is fine for right now, you can’t expect something to last if it remains a speculative commodity forever. So, in essence, buying Bytecoin and profiting off of it for the next 3 months is just fine, but for it to be a long term hold, I need to see more concrete applications.