The Coin “Bytom” has Reached a Turnover of 1 billion $ Market Cap
Bytom has moved up by 97 percent
The week is ending very well for cryptocurrency investors. The market has been moving up for the second day in a row injecting billions of dollars back into the crypto market cap. About 24 digital currencies have already hit the 1 billion dollar market cap when it comes to total valuations. The latest digital currency moving towards that direction is Bytom which was started in China. Bytom will be the 25 digital currency to hit the 1 billion dollar mark if its rally continues.
Bytom was first announced in July 2017, and even though its less know when compared to Giants like Bitcoin and Ethereum, the digital currency is aiming at easing the friction between tokenizing real-world assets and trading the assets on and off Blockchain in a manner that will ensure compliance to regulations governing equities and securities transactions.
Bytom developers have argued that the digital currency will be more useful and efficient than general purpose smart contract digital currencies like Ethereum because it will be dedicated to issuing and trading tokenized assets. Most of these digital currency developers are affiliated to 8btc which is a very popular Chinese digital currency news network and discussion forum which raised 16 million dollars in funding. The founders we well know people in the crypto market with Duan XinXing who is one of the Co-founders having served as the Vice President of OKCoin exchange.
Similar to other recently launched digital currencies Bytom funding came through an ICO even though a third of the currency supply will be issued through the currency mining when the network will be launched. At the moment the Currency’s mainnet has not been launched, so Bytom tokens are at the moment ERC20 tokens which represent coin ownership on the future Bytom network.
However, this week has seen the Bytom price move up by 97 percent which is the best run in the week for the top 25 cryptocurrencies. The digital currency is now trading above a dollar for the first time in its history. Even though it’s not clear why Bytom’s price is rising so rapidly, we do not rule out the possibility of market manipulation since similar cases have been witnessed before. Nevertheless, the market cap of the digital currency is now at 989 million Dollars which is a clear sign that it will hit the billion-dollar threshold whether it sustains the current momentum or not.