Bytecoin (BCN) became Cryptonight ASIC friendly coin and BTC's new home at $9K from previous week's $8K. STEEM stays strong.

Bytecoin (BCN) is a top 30 coin by marketcap. It is also cryptonight based privacy coin along with Monero. It has advantage over Monero having very low transaction fees in less than a penny (i.e. Monero transaction fee is $3).

Though it is traded in few exchanges and low volumes, it has strong community and HODLers as proved by its marketcap.

It is an interesting move from BCN to adopt ASIC while most CryptoNight coins switched to modified CryptoNight algorithms such as V7 or heavy to be ASIC resistant.

Argument for accepting ASIC or not changing algorithm form the Bytecoin developers is that forks may de-anonymize its users and also ASIC provides more hashpower.

Developers opines:

Monero’s hardfork, at least 4 other forks have appeared. Every single Monero user who has used the new coins (XMO, XMC, XMZ, etc.) have automatically de-anonymized themselves because of the same key images. Even with what has happened with Monero, Bytecoin still remains the anonymous cryptocurrency and we won’t let our users be de-anonymized.

Earlier I wrote a blog how CryptoNight ASIC debacle happened as four ASIC manufacturers fire sold and major CryptoNight switched.

I wrote about a possible conspiracy theory of major ASIC manufecturers collaborating with a major CryptoNight coin to stay relevant. It could be it or it is legit concern of being de-anonymized and secure with more hashrate.

Time will tell.

In the meantime, BTC moon journey to $10K abruptly hampered at $9700. It could be major market makers don't want to rush to $10K which could be unsettling. They might want to make a support at $9000 before another moon journey. Or, it could be sellers who bought below $9000 wanted to take some profit.

It looks like BTC will hold $9000 support line similarly to some serene resistance at $8000 when BTC recovered its bull run from $6600 resistance.

In the meantime, STEEM stayed strong at $3.5 due to Huboi news while most altcoins saw a severe drop after a decent run in price.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger