Now that the cryptocurrency momentum is slowly turning against Bitcoin and altcoins again, it will be interesting to see how all markets respond. As is to be expected, the initial response is not promising. The Bytecoin price, for example, is almost down by 8.5% already as holders are cashing out in quick succession.
Bytecoin Price Takes a Small Dump
It is not unsurprising to see alternative currencies give up ground in both USD and BTC value when the value of Bitcoin starts to slip. Investor and speculators will hedge their losses and take whatever profits they can to ensure no real losses are recorded in the end. In the case of the Bytecoin price, the momentum is souring fairly quickly.
More specifically, the Bytecoin price has suffered a very steep setback in the past few hours. Despite Bitcoin only showing minor cracks in the facade, this altcoin is already losing over 8% in value. It pushes the BCN value down to $0.002, and a further dip to half that value may not be entirely out of the question.
As is to be expected, this is primarily triggered by a decline in the BCN/BTC ratio. With investors converting their assets back to the currency with the most potential, Bytecoin is suffering a 7.94% decline in this department. It is evident the coming hours will be very troublesome for all cryptocurrencies, although the Bytecoin price may suffer a lot more compared to other altcoins.
With the cryptocurrency trading volume remaining firmly in place, it is to be expected the numbers will increase based on the amount of panic selling taking place. Since Bytecoin has no real volume to speak of, its market movements alone will not affect the total market volume in any significant manner. With just $5.24m in trades, it is a market very few people appear to care about right now
What makes things more interesting is how most of the volume originates from the HitBTC exchange through its BTC and USDT pairs. These two markets are separated by Binance’s BTC pair, which also has an ETH market in fifth place. The only other platform in the top five is Poloniex with another BTC pair. Given the lack of fiat currency support, the Bytecoin price will probably continue to decline first and foremost.
How the Bytecoin price will evolve, seems rather cut and dry. There will be no improvements unless Bitcoin succeeds in not losing any value over the coming hours and days. Right now, that outcome seems highly unlikely, which may push the Bytecoin price losses toward 15% before the day is over. An interesting market to keep an eye on, as it seems the panic is already setting in.