Bytecoin (BCN), first cryptocurrency created with cryptonote technology, hit $0.90 (0.0001 BTC), a whopping 5099% gain from yesterday’s trading price of about $0.01731. The cryptocurrency’s listing on Binance is one of the main reasons for the spike. At the time of writing this article, the cryptocurrency is trading at about $0.15.
Binance is arguably the biggest cryptocurrency exchange by trading volume. On average, $270 million worth cryptos are traded on a daily basis. The market capitalization of Bytecoin has crossed $22 billion, surpassing EOS, IOTA, and Cardano. It is now the fifth largest cryptocurrency by market capitalization.
Binance offers BCN/BNB, BCN/BTC, and BCN/ETH trading pairs on its platform. Both trading and depositing facility is active. We do not expect the price to consolidate at these levels. Liquidation of large positions by holders could bring it below $0.05.
Bytecoin is not a Bitcoin fork. Bytecoin allows users to make absolutely anonymous money transfers through the CryptoNote algorithm. CryptoNote implements the ring signature technology which allows a user to sign a message on behalf of a group. The signature only proves the message was created by someone from the group, but all the possible signers are indistinguishable from each other.
Even if outgoing transactions are untraceable, everyone may still be able to see the payments received and thus determine one’s income. By using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver; and it would be impossible to cross-link these payments.
Bytecoin is CPU-minable and ASIC resistant. Difficulty and max block size readjust automatically based on the system’s previous state.