The demand for cryptocurrencies is getting increased as they work on decentralized technology which enhances the privacy and security of the users. Bytecoin is one of the projects which implemented the Cryptonote encryption algorithm before the other start-ups.
Bytecoin is such a blockchain that offers global, instant and private transactions that require no fees and are untraceable
Are you thinking of buying Bytecoin this year? Or maybe you hold some, but want to know the price performance in the future?
Then you are the right platform as this piece of writing intends to give you detailed information about the coin along with the fundamental and technical analysis. Moreover the historical and the upcoming price movements and predictions are the core of this composition.
Without wasting much time, let us try to know some basic information regarding Bytecoin.
Table of contents
Fundamental Analysis For Bytecoin
Initiated in July 2012 Bytecoin is a private, decentralized cryptocurrency with an open source code which is untraceable. One of the popular cryptocurrency Monero (XMR) shares a history with Bytecoin as it is a hard fork.
Following the principles of being self-regulated, open for any development and egalitarianism, BCN aims to provide privacy and security for those who want to keep their finances private. The cryptocurrency is different from other altcoins.
Bytecoin was the first project to implement the cryptonote encryption algorithm. Bytecoin is entirely anonymous. Its algorithm consists of ring signatures, unrelated transactions and hidden addresses.
The supply of BCN is limited to more than 184 million and all the coins are minted and out for supply. No doubt the platform was surrounded by some rounds of negative flaws, however, the ecosystem worked hard and rolled out many announcements, updates and new partnerships.
Bytecoin Price Prediction For 2021
Bytecoin started the year 2021 with the trading price of $0.00016 and spiked by the mid of February to hit $0.000786. However a plunge came mid-way, yet the bullish momentum was kept intact and therefore the price surged to $0.001025 by the start of April. Further the price reached the yearly highs at $0.001294 by the end of April. Continuing the similar bullish trend, BCN might trade between $0.0010 and $0.0015 until the end of 2021.
BCN Price Prediction 2022
Bytecoin might trade at $0.0014 by early January and could possibly arrive at $0.015 by the end of January. Later on the price may suffer certain fluctuations and may reach to $0.0016 by the end of August and the price might drop again. By the end of December 2022, BCN may continue to trade at $0.001783
Price Prediction For The Next 5 Years
With the growth of the crypto platform, BCN prices may start to rise. Bytecoin might enhance its transaction facilities for the betterment of users. It might suffer certain price fluctuations for several months. By the end of 5 years, Bytecoin is expected to reach $0.00305 to $0.004.
Market Prediction For BCN
There are some marketers, who predict the price of Bytecoin, Let us check what the market is thinking about Bytecoin.
According to WalletInvestor, BCN is expected to drop from $0.001036 to $0.00010053 per token in the coming year.
According to digitalcoin price, the BCN price is expected to reach $0.00155569 by the end of 2021 and by 2025 the price may rally to $0.00306940.
According to CryptoGround, Bytecoin’s price might drop to $0.0006 by the end of 2021. BCN might also hit $0.013 by 2024.
According to CoinLinker, Bytecoin’s price could rise to $0.11856 by the end of 2025.
Our Bytecoin (BCN) Price Prediction
Bytecoin commenced the year 2021 with the trading price of $0.00016. The Bytecoin’s price might likely rise if the market concentrates on investing in BCN. By the end of 2021, BCN might reach the $0.0015 mark. Bytecoin might reach upto $0.002 to $0.005 in the future.
Historical Market Sentiments
Bytecoin was initially introduced in the year 2012, it was not worthy at that time.Later on it was launched on June 17,2014. As it got listed on few cryptocurrency exchanges, Bytecoin started to trade at $0.000061. BCN continued to trade at the same price with certain fluctuations for further years.
In 2017, the price dramatically poured to $0.003 by the end of May as it registered on 30 various cryptocurrency exchanges. Later on the price started to decline as it failed to maintain its resistance level. BCN arrived at $0.0023 by early September. The price started to rise further. BCN managed to reach $0.005 at the end of 2017.
With the bullish trend, BCN traded at $0.017 by early January 2018 and further the price started to plunge as it reached $0.002 in the start of April. Later on the price surprisingly swelled to $0.011 by mid of May as BCN got listed on the crypto exchange platform Binance. The price further dropped to $0.0005 by mid of December. With a minor recovery in price, BCN ended the year 2018 with a trading price of $0.0007.
BCN continued its trading with the price of $0.0007 during the start of 2019. The price continued to trade between the $0.0007 and $0.0009 rangel for several months. Shockingly, BCN’s price dropped to $0.0002 by mid December. BCN traded at $0.0002 at the end of 2019
As the bears continued to drag the market, BCN started the year 2020 with $0.0002. The price continued to recover and BCN reached $0.0004 at the end of February. The price of BCN started to fall consistently in March. One of the main factors which can be considered is the fall of Bitcoin’s price by $3000 points. BCN reached $0.0002 by the end of March. With certain plunge, the BCN was trading at $0.00013 at the end of December 2020.
Bytecoin is a private decentralized cryptocurrency which is an open source protocol that allows everyone to take part in the development of its network.
Yes, Bytecoin might be a good investment for the long term as its prices are expected to hike.
Bytecoin price is expected to hit $0.0015 by the end of 2021 and rally to new high in the coming days.
Bytecoin can be traded on exchanges like Coinex, Poloniex, HitBTC, Gate.io and many more.