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DC Forecasts Price Analysis: Bytecoin

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Bytecoin showed some increasing movements by 7.50 percent in the past 24 hours and it’s now trading at $0.002498.

Bytecoin is mostly focused on bringing the crypto space a blockchain based on privacy and security that will enable users to make untraceable transactions. Bytecoin uses the CryptoNote protocol and the CryptoNight hash algorithm. It was created in 2012 and it was created to use ring signatures to provide the users a level of anonymity as all transactions are mixed and untraceable.

Bytecoin is now ranked at the 26th place in terms of market cap and has a market cap value of $459,636,564. From a long-term perspective, we can see that the price went through 2 great bullish runs in the period of 12 months. The first one began from a really low point at $0.000927 last year and continued to rise until January this year reaching $0.017192 which is a price increase of more than 1.600%. Right after this stunning rise, the price rapidly declined for three straight months until the second Bull Run. The second bullish run started at a low point of $0.002081 on April this year then reached an all-time high of $0.0208 in May this year.

At the end of May, the price rolled down to $0.005523 and continued falling until June. After the market succeeded to rebound, the price also managed to slightly rebound as well. If the market continues a higher movement towards the upper boundary range we can expect some more resistance from the cryptocurrency. Any bearish pressure that happens on the market is expected to be absorbed and if the price action doesn’t go below, we can expect support to be located at the 1.414 Fibonacci Extension Level.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Altcoin News

Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official

The founder of cryptocurrency TRON Justin Sun is in our altcoin news today for trying to prove to the world that crypto is not a scam despite the highly volatile market. Sun hired a former SEC employee as his first compliance director for the TRON blockchain platform that supports smart contracts. He believes that regulation will help to push cryptocurrencies into the mainstream and stimulate the mass adoption and that it will also help push away con artists. He said:
 “We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”
TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’
One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd.  BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
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Altcoin News

UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa

The year-end report on the global economy by the United Nations is in the cryptocurrency news, particularly because of its focus on crypto and Bitcoin as "the new frontiers" in digital finance. As the UN wrote, crypto and blockchain technology have a massive potential to create new and revolutionary business models that cut red tape as well as increase the efficiency. However, this is not the first time that UN has expressed its interest in digital assets. Before this, the United Nations Office for Project Services (UNOPS) announced its collaboration with IOTA in order to "explore how the innovative technology behind IOTA which provides a distributed ledger for data management is going to increase the efficiency of UNOPS operations." On top of this, UNOPS is also exploring Ripple's cross-border payment solutions suite, as one report from the Association for Financial Professionals from late 2017 revealed. The new report, however, puts UN's interest for crypto in the focus. Titled “World Economic and Social Survey 2018” it dives in the many benefits of crypto, blockchain and distributed ledger technology.
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.
According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."
The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
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Altcoin News

Do Crypto Executives Still Have Positive Thoughts After The 80% BTC Drop?

Last year almost all of the cryptocurrencies declined by more than 80 percent against the US dollar with the exception of Bitcoin and a few other crypto assets. In today’s altcoin news we are going to find out how the crypto executives feel about the sentiment on the crypto market this year. Most of the crypto executives and also those who are leaders in blockchain emerging businesses believe that the bear market has influenced the companies with a lot of opportunities to rebuild the foundations of the entire sector. Blockchain projects since 2017 and the decentralized applications brought to the high dependence of the blockchain companies on the performance of the tokens. As we have seen over the past few years, during a bear market the cryptocurrencies with the strongest fundamentals are most likely to survive. Digital assets such as Ripple, Litecoin, and Ethereum have dropped by 90 percent from their all-time high in the past 12 months. Meanwhile, Bitcoin dropped by 82 percent over the year but still remains as one of the top crypto assets to increase and go through a correction phase. The hash rate of the BTC network also increased since January 2018. Investors always are always considering the tendency of cryptocurrencies falling by large margins during a correction and therefore acquire blockchain projects that will help them build long-term blockchain related protocols and solutions for a lower price. Over the past 14 months, blockchain projects dropped immensely but this is a new opportunity for investors to start building infrastructure for their companies at a lower price. However, with the drop in blockchain protocols, developers and workers have been let go despite that being a blockchain developer increased by $180,000 with the growing interest in blockchain technology.
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Altcoin News

UAE And Saudi Arabia Are Working On A New Cryptocurrency

A new altcoin is expected to go viral, according to the latest cryptocurrency news, where we have the United Arab Emirates (UAE) and Saudi Arabia as the countries which are seen as the official bodies between this cooperation. The news comes from an announced agreement for the creation of a new cryptocurrency, first reported by the news agency Emirate News Agency on January 19th. As the report outlines, the Executive Committee of the Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, gathering 16 members in total from both countries to join the initiative. Comprised of seven initiatives which include authorities from civil aviation, financial awareness, youth training and the development of a cross-border digital currency, the Strategy of Resolve will create an altcoin that "will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.” The joint project will also research the effects of a central digital currency and its impact on financial policies. The initiative aims to protect customer interest and create standards for technology, all while considering the cyber security risks while determining the impact of central currencies on monetary policies, as the news agency reported.  
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