Asian Cryptocurrency Trading Roundup May 3: Bytecoin Breaks $1Billion Market Cap


FOMO Moments

Markets are slowly inching upwards as we near the end of another week in cryptoland. The dip was short-lived and total market capitalization is at a two monthly high of $440 billion. Bitcoin has not made significant gains over $9,000 but is up 2% on the day at $9,250. The momentum this time is coming from the altcoins and most of them are in the green during the morning’s Asian trading session. Today we feature a new altcoin that has just pushed its way into the top 25 and it is Bytecoin.

The revamped Coinmarketcap website is reporting a 24% jump in BCN which has nudged Zcash out of the top 25 this morning. Currently trading at $0.0064 this relatively unknown altcoin has spiked from $0.0051 this time yesterday. The pump started a couple of hours ago and this crypto is now on the move. Over the week Bytecoin is up 30% mostly due to this morning’s spike. Monthly gains are an impressive 190% from $0.0022 this time last month. Against Bitcoin this newcomer to the top 25 has made 22% on the day at 70 satoshis and 25% on the week from 56 sats this time last Thursday.

BCN is another privacy focused altcoin with its own wallet, according to the blurb on the website instant private transactions are provided all around the world by the Bytecoin Network, they are totally untraceable, and they don’t require any additional fees. There have been no significant announcements on the Twitter feed to produce this spike but it has been enough to boost market cap to almost $1.15 billion, on a par with Zcash.

Most of the trading volume in BCN has been on HitBTC as this altcoin has yet to be listed on the major exchanges in Southeast Asia. Daily volume is around $8 million at the moment and rising. Bytecoin is another of those high supply, low price coins with 184 billion of them supplied and circulating.

Total market capitalization for all cryptos has risen again today by 4.75% to $441 billion, the highest it has been for two months. Trade volume is up 17% to $27 billion and most altcoins are looking bullish right now. Others performing well during Asian trade this morning are Bitcoin Cash up 12%, Iota jumping 15.5% and VeChain up 10%.

More on Bytecoin can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.