The month of May 2018 was a bad month for cryptocurrencies. During it, Bitcoin failed to scale to $10,000 and instead, sank by 19%. The total market cap of all cryptocurrencies also fell to $304 billion which is the lowest since April 13th and a drop of 26% for the month. However, there has been one promising cryptocurrency that gained even 24% – Bytecoin.
While Bitcoin, Ethereum, Ripple and Bitcoin Cash were dropping and depreciating, a cryptocurrency called Bytecoin (BCN) refused to follow the downtrend, clocking a 24% monthly gain to become the best top-25 performer in May 2018.
As the team behind the cryptocurrency describes it, Bytecoin is an untraceable cryptocurrency that uses CryptoNote ring signatures in order to provide anonymous transactions. As a peer-to-peer (p2p) payment system, it has many of the same use cases as Bitcoin.
Also, Bytecoin is one of the earliest developed cryptocurrencies. Created in 2012, the team behind it has kept themselves anonymous.
Here are the stats for Bytecoin in the month of May:
Monthly performance: +24 percent
All-time high: $0.0186
Closing price on May 31: $0.006838
Current market price: $0.006665
Rank as per market capitalization: 19
One of the things that made Bytecoin (BCN) rise was Binance’s decision to list it on its exchange. Even though the bullish momentum weakened in the second half of the month, Bytecoin is still the top performer for May 2018.
What do you think about Bytecoin as a cryptocurrency? Let us know in the comments!
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