Despite Bytecoin (BCN) Gains, Long-Term Holding Is Not Advised

The major cryptos erased most of their losses on Tuesday after a long weekend in the US. One of the major gainers in top 20 was Bytecoin, an altcoin known for its price volatility. It led the top 100 cryptocurrencies with a 38% gain by the end of Tuesday’s trading day. Here’s all you need to know about Bytecoin and its future price action.

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About Bytecoin (BCN)

Ranked 19 on the market cap list, Bytecoin (BCN) is the first cryptocurrency based on the CryptoNote technology with an open source code designed for anonymous cash settlement.

BCN protects the user’s privacy with impassive and anonymous transactions. Developed back in 2012, its project is very similar to Bitcoin. Specifically, it is primarily a peer-to-peer payment system for people to use.

However, its price action is fairly different than most other major cryptocurrencies.

BCN/USD Price Action

Traded versus the USD, It has reached the all-time-high levels twice since January 2018, each time followed by a major crash. Most recently it reached that level around 0.019 on May 8th. Then it erased most of the gains until May 28th as it tested the upper band of the daily Ichimoku cloud. On Tuesday, it appeared to have bottomed out right there as it formed a strong bullish engulfing chart pattern with its 38% gain.

Bytecoin Investing Strategy

The main reason for BCN’s volatility could be as a result of technical issues which came in the way of its gains in early May. Some Binance users experienced reportedly delays in deposits and withdrawals which spread among the community. Keep in mind that even though BCN is listed on a number of exchanges including HitBTC and Poloniex, over 76% of its market share is based on Binance. As a result, traders backed out, speculating an underlying scam. This may have caused the surprising dip in BCN prices.

Analyzing its price from a technical point of view, we could argue that the upper band of the Ichimoku cloud has successfully acted as a support for BCN which may result in further gains for the cryptocurrency in the near future. However, we wouldn’t recommend long-term holding of Bytecoin yet due to its volatile past performance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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