Bytecoin has been one of the major market movers of the week, increasing in value after a lengthy period of stagnation and proving that the coins markets still have life in them. While the coin itself has a minuscule value it has seen a decent price rise over the past 24 hours which has seen a increased volume and market cap in accordance to the new liquidity and capital which has been flowing in. Whilst the coin has moved in the right direction many including me are wondering, how long will this last as the many have described the coin as a pump and dump scheme considering the unhalted and uninterrupted growth that had hit the coin throughout the majority of its lifetime. Whilst the last few weeks have seen the prices fall at a fairly rapid rate many are considering the true motives of developers and whales alike.
Below is the 7 day price graph outlining the movement of the coin. As seen below the majority of the week was spent riding along the 0.00000025 BTC level as prices remained stable in accordance to the stable volume. Whilst this was a relief from the defined downward trend which had settled in earlier this month, many knew that stagnation would eventually lead to a price crash.
Speculation
Personally I would hold out on buying the Bytecoin token/coin for now as ultimately the market is in dump stages as the peak has long been reach and a defined trend downwards is what we are undergoing. Whilst the current price rise is definelty appreciated and does give buyers a chance to quit before all hell breaks loose, it may not be the right time for newcomers to join the markets. However I would estimate prices to fall back into the downward trend soon as there is not simply enough capital coming in for a complete trend reversal. Please only invest what you can afford and Happy trading !
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