What is Bytecoin?
Bytecoin (BCN) is a cryptocurrency that focuses on privacy and decentralization. The main goal is to offer users the possibility to make transfers in a private and fast way using blockchain technology.
Bytecoin is one of the several privacy-focused coins that allows users to remain private. At the moment, Bitcoin (BTC) and other digital assets have open ledgers and everyone can easily control transactions and check the amounts transacted between wallets.
With Bytecoin, transactions and addresses remain unlinkable, making it nearly impossible to establish a real connection between both wallets and addresses in the network.
Moreover, Bytecoin has been growing and expanding in the market for the last years and it is recognized as one of the most advanced digital assets in the world.
Bytecoin In The Crypto Market Today
As mentioned before, the Bytecoin cryptocurrency can be used in order to perform private transactions. Considering privacy is becoming increasingly important, privacy-focused coins could eventually offer solutions to many users in different jurisdictions that want to remain out of the radar from dictatorial governments and other institutions.
At the time of writing this article, BCN is the 70th largest cryptocurrency in the market. The digital asset has a price of $0.000336 and a market capitalization of $61.87 million.
With BCN offering solutions to users that want to take care of their financial privacy, the outlook is very bullish not only for this virtual currency but also for the whole cryptocurrency market. Investors are not only interested in privacy solutions but they are also searching for different ways to diversify their portfolios in the crypto space.
While BCN could eventually become a leader in the privacy-coin market, there are many other cryptocurrencies offering similar services, including Monero (XMR), or Zcash (ZEC), among others.
Bytecoin Future Price
As for every single cryptocurrency and asset in the market, there are two possibilities to take into account regarding Bytecoin price prediction for 2020.
The first case is the bullish one, in which we would analyze which are the factors that could push BCN to reach new highs in the future or enter a new bull market. Meanwhile, the second case might be the bearish one. There could be some issues that could negatively affect the price of this cryptocurrency.
Bytecoin Price Prediction 2020 | Bearish Case Scenario
One of the main concerns related to privacy coins and that could negatively impact BCN include the stance regulators would take on privacy-focused cryptocurrencies. These digital assets could eventually be banned in many jurisdictions, several crypto platforms could delist them (as it already happened), and the general demand for these assets could dramatically fall.
Thus, Bytecoin would definitely be hurt if there was a massive regulatory control in privacy coins and if exchanges start delisting it. If that happens, BCN will certainly be affected. The digital currency is traded 98.18% below its all-time high, which shows that it has already been affected by the bear market that started in January 2018.
Bytecoin Price Prediction 2020 | Bullish Case Scenario
Despite being 98% from its all-time high, it is far from its all-time low of $0,000006 registered by CoinMarketCap in 2014.
Regarding the bullish case, we can think about the creation of clear regulations for privacy-focused cryptocurrencies and exchanges not delisting them. The increasing need for privacy solutions in the financial landscape could also help BCN start a new bull market in 2020.
The Bytecoin price prediction for 2020 is conservative taking into account it is far from its all-time high and there is no trading volume, showing interest remains low for the digital asset.
Despite that, things could change if clear and friendly regulations are established regarding privacy coins and it there starts to be a larger interest in protecting financial data through BCN.
As mentioned before, it is highly unlikely for the virtual currency to reach a new all-time high in 2020, however things could change in 2021.
Moreover, if there is a period of FOMO in the cryptocurrency market as it happened in the past (early 2018), the price of Bytecoin could definitely skyrocket and eventually hit very high values. Only those users fast enough to sell BCN at the top would be able to register gains considering the cryptocurrency has low-liquidity compared to other digital assets.
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