In the world of cryptocurrency, there are often a lot of interesting developments which make virtually no sense. The current Bytecoin price trend only confirms this point even further, as its value has risen by 153.34% in the past 24 hours. As such, it is now a $3.22bn market cap currency, even though it seems to be a matter of time until this value plummets once again.
BYTECOIN PRICE MOMENTUM IS A CLEAR PUMP-AND-DUMP
Anyone who has paid attention to alternative cryptocurrencies over the years will know there is price momentum which makes little to no sense on a regular basis. When the value of a pretty unimportant altcoins goes up in spectacular fashion, a massive price crash seems almost inevitable. In the case of the Bytecoin price, there have been several pump-and-dump cycles over the past few months, although this one has effectively resulted in a new all-time high.
With a current Bytecoin price of $0.017552, one has to wonder if it can effectively go much higher. After all, this pump is happening despite very weak trading volume. That is only normal, as the general interest in Bytecoin has been rather non-existent for some time now. A similar pump occurred in late 2018, and saw the Bytecoin price drop to $0.002 shortly after. It is very likely history will repeat itself once again, although cryptocurrency remains a very unpredictable and unique industry first and foremost.
This 153.34% increase in the past 24 hours is rather unexpected. The Bytecoin price is also rising thanks to a 151.87% gain over Bitcoin, which will undoubtedly reverse course pretty quickly. Even though this momentum appears to be locked firmly in place, anyone with a basic understanding of financial market swill now some of the long-term BCN holders will gladly cash out right now and invest their money into something else.
As mentioned earlier, Bytecoin has very little trading volume given this massive price pump. With $54.758, in 24-hour trading, it is evident one or two whales are manipulating the market in the hopes of dumping on new investors. It is impossible to determine who is behind this current Bytecoin price action, but it seems evident a decline to $0.005 will occur in quick the very near future.
The way things look right now, the majority of BCN trading volume originates from the Poloniex exchange. its lead over HitbTC is pretty big. The only other exchange in the top five is Vebitcoin, a platform very few people will have heard of by now. There are no fiat currency pairs for Bytecoin in the top three right now, but it remains to be seen if that will affect this massive pump-and-dump scheme in the future.
For the time being, one has to wait and see how things will evolve in the future for the Bytecoin price. More specifically, this positive momentum will not remain in place for very long, as the trading volume simply isn’t there to sustain long-term growth whatsoever. Even so, speculators will be quite pleased with the way the Bytecoin price is evolving as of right now, although there will be quite some tears to be shed once the Bytecoin price goes back to normal.