Bytecoin, a top-30 blockchain project, took the plunge on Tuesday after Binance announced it would no longer list the asset on its trading platform.
Bytecoin’s native BCN coin fell 25% to $0.0016, the lowest in nearly two months, according to CoinMarketCap. BCN trade volumes have fallen to around $12 million on global exchanges.
At current values, Bytecoin is capitalized at $308.5 million, placing it in the no. 30 spot in the global crypto rankings. The project’s market capitalization surpassed $3 billion in January during the height of the bull market. It spiked again in May, reaching $2.7 billion, after Binance announced it would support BCN listings.
Binance Delists Bytecoin
Binance, one the world’s largest cryptocurrency exchanges, announced Tuesday that it is removing Bytecoin and three other digital assets from its platform. Although the firm did not elaborate on its decision, the coins no longer meet the exchange’s “quality standard.”
From the official statement:
“In order to protect our users, the Binance team conducts comprehensive and periodic reviews of each digital asset listed on our platform to ensure projects maintain a high standard of quality. In the event a coin or token falls below this quality standard, it will be subject to further review and potentially delisted.”
In addition to Bytecoin, the delisting also applies to ChatCoin (CHAT), Iconomi (ICN) and Triggers (TRIG).
Binance says it considers several factors before de-listing a currency, including team commitment, smart contract stability, development activity, level of public engagement and ethical violations.
As of Tuesday, Binance is the world’s largest cryptocurrency exchange in terms of adjusted trading volume. The exchange has processed nearly $800 million worth of trades over the past 24 hours. Despite falling 11% over that period, Binance’s volumes exceed Bithumb, the no. 2 exchange, by nearly $270 million.
The author covered Bytecoin back in May after an alleged pump-and-dump triggered sharp fluctuations in the digital currency. Interestingly, the pump-and-dump was concentrated on two exchanges: Binance and Poloniex. The Binance delisting ends Bytecoin’s six-month tenure on the platform.
Regarded as the original anonymous cryptocurrency, Bytecoin has spent much of its existence as a relatively unknown asset. It was eventually superseded by Monero following a hard fork. Since then, Monero’s profile has only strengthened while Bytecoin continues to struggle for mainstream attention.
With Binance out of the equation, Poloniex and HitBTC have become the largest markets for BCN. Previously, Binance accounted for roughly 60% of Bytecoin’s daily trade volumes.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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