Bytecoin Price Skyrockets 82% In A Series Of Strange Events

If you are active in the crypto waters, you probably heard about the (altcoin named) Bytecoin. And if you are not, the latest news says that the Bytecoin price just grew from $0.012 to $0.03, rising by 343% in a 24-hour price spike.

Things then were seen as a new pump and dump at that point (beginning of May) – which seemed to be true, after the altcoin went down to $0.009 reaching another low. However, Bytecoin is back on its feet right now and the coin is in the top 100, ranking 16th.

Dear @CoinMarketCap, could you please reinstate us on your site so our users can accurately see our value? We have been trying to contact you for the last 24 hours, we have fixed the major bug in our software that caused issues for our community. #BCN #CoinMarketCap #Bytecoin

— Bytecoin BCN (@Bytecoin_BCN) May 10, 2018

The Bytecoin price rose again and is now holding at $0.01. What’s interesting is that the project already saw a fair share of controversy and price pumps. However, the team at Bytecoin is confident that their mission is great. According to their website:

Bytecoin is an open-sourced decentralized cryptocurrency with untraceable payments that was started in 2012. Join us to be a contributor of a worldwide network system that predicts the future.

Bytecoin (BCN) was founded in 2002 and is an oldtimer compared to many other coin projects. In parallel, it seems like BCN is ready to rise again – and an update on the project’s blog a week ago states the reasons behind its network outages:

“After a closer investigation the source of the problem was determined to be a combination of recent big miners that joined the network with outdated bytecoind versions built more than a year ago and a minor bug in how the block sizes are calculated for consensus. As the hash power of miners who were using the outdated software reached ~25%, the probability of generating a block not accepted by the new bytecoind increased.
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The new update will help the project’s adoption rate of new versions – and have already shown users that the development and roadmap of the project are on-point.