It did not take all that long for Coinmarketcap to relist Bytecoin. After removing this currency earlier in the week, that decision has now been overturned. There are still a few delisted exchange prices and trading volumes to take into account. A remarkable turn of events, but an interesting one.
Earlier this week, CoinMarketCap decided to remove Bytecoin from its website. More specifically, its price and trading volume were excluded. Given the price shenanigans taking place at the time, such a course of action appeared more than warranted. It was not to the liking of the BCN community, for obvious reasons.
The Spectacular Return of Bytecoin
Fast forward to today, and Bytecoin is back on CoinMarketcap. Its price has taken a steep hit, which is to be expected. The market cap has also dropped below $25bn and may continue to drop for some time to come. Not all exchanges are tracked on CMC either at this stage.
Binance has resumed deposits and withdrawals of Bytecoin. A positive development, although it remains to be seen how this affects the price. HitBTC trading is also active, whereas Poloniex is still excluded at this time. Vebitcoin, StocksExchange, Crex24, TradeOgre, and cfinex are all excluded as well. Most of these platforms do not even ring a bell and seemingly generate no notable volume either.
With Binance generating over 80% of all BCN trades, an interesting situation occurs. If people have grown tired of the pump-and-dump, Bytecoin’s price may plummet well below $0,01 fairly soon. Even so, the current trading volume of $196m shows there is still a demand for this altcoin. A very peculiar situation well worth keeping an eye on.
Header image courtesy of Shutterstock