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bitCNY (BITCNY)

Market Cap

$6,417,871 USD

Volume (24h)

$29,023,133 USD

4.0
SAFETY

Ranking factors:

  • Markets

    How many exchanges are there to trade this coin?

    bitCNY Markets Rank: 2/100

  • Volume Ratio

    How actively is this asset being traded on the market?

    bitCNY Volume Ratio Rank: 100/100

  • Market Cap

    The total cost of all coins available.

    bitCNY Market Cap Rank: 88/100

  • 24h Change

    Is the price moving up or down?

    bitCNY 24h Change Rank: 50/100

  • Social Following

    How many users are following this coin?

    bitCNY Social Following Rank: 3/100

  • Google Trends

    How many users are searching for the coin?

    bitCNY Google Trends Rank: 10/100

  • Twitter Citation

    How many users are talking about this coin in Twitter?

    bitCNY Twitter Citation Rank: 9/100

  • User Voting

    How popular is this coin among Cointobuy community?

    bitCNY User Voting Rank: 89/100

bitCNY investment analysis

If you're looking to make some massive gains then a bitCNY investment is likely a bad choice. It's actually designed to stay at or around the same price. That's because this is a pegged cryptocurrency asset. It is tethered to the Chinese Yuan, and it was created to offer a stable trading asset to investors.

It's one of the many pegged asset available for trading on the BitShares exchange and it represents the number of BitShares needed to equal one government-issued Chinese Yuan.

If you're looking for a good place to put some money where it will not swing wildly around in price, then this might be a better option, however. It also gives you the ability to trade it directly for the many other pegged currencies that BitShares has to offer which include not only other world currencies but also gold and silver.

This particular BTS token has become quite popular because it's one of the few stable coins that is tied to something other than the US dollar. Interested in learning more about this token? Keep reading to find out how to buy it and how to use it in your trading strategy.

current price
$0.152539
Potential Profit

The tool analyzes each currency for the 6-month historical price data, searches for possible patterns and showing possible profit rate in the coming months.

+5.2%
Potential Price

The tool analyzes each currency for the 6-month historical price data, searches for possible patterns and showing the possible price in the coming months.

$0.160493
Rankings

The current coin position in cryptocurrency rankings by Safety Rank and Potential Profit.

114/1737
by Safety
1685/1737
by Profit
historical data

How to buy bitCNY?

Traders can buy bitCNY on a handful of decentralized exchanges which make use of Bitshares assets. It has several trading pairs available, but the most viable ones are Bitcoin, Ethereum and of course Bitshares. The trading volume for this pegged asset is quite good, and you should have no trouble executing a trade on several different providers.

For storing your tokens you'll likely need to use the exchange which you purchased it on. This asset does not really have a native wallet, but most decentralized exchanges that would offer it actually function as one. These platforms usually offer you a private key style login rather than the typical email-based accounts which makes them a little different than other exchanges. You also typically own the wallet. Make sure to keep your password in a safe place, and preferably you should write it down on a sheet of paper. If you lose this then you will never be able to regain access to your account!

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Is it safe to invest in BITCNY now?

It's not a great idea to invest in BITCNY if you're expecting giant gains. That's just not how pegged assets work. This is not speculation, it's how they are actually created to function. These assets tokens are meant to follow another asset very closely.

Since in most cases these are fiat currencies, this controls their ability to jump in value like a normal cryptocurrency would. You could consider investing in Bitshares though, the issuer of these assets if you're interested in their platform.

If we take a look at the BitCNY analysis, we can see that this particular token has excellent trading volume. There are actually a surprising number of people using this particular stable coin, and that's likely because it's one of the few that is pegged to a Chinese currency.

Most other stable coins are actually attached to the US dollar, and so this one has become particularly popular with Chinese investors. It's also one of the few truly decentralized cryptocurrency pegs that do not require reliance on fiat currencies for reserves. This gives investors much more freedom from fiat.

If you're interested in utilizing this token for your trading strategy then you could, of course, use it as a way to get out of more volatile trades and to take profits. It can also be easily traded for any other BTS assets like bitUSD, bitEUR or bitGold.

There are several decentralized exchanges that are adopting a system based on BTS, but investors should also be aware that this coin has a massive supply. This is because it was not intended to be a store of value like Bitcoin is, but to be used to fuel a trading platform.

These stable coins work on a collateral based system where a certain amount of BTS must be locked up in order for the token in question to be issued. This collateral is then bought or sold in order to maintain the value of the peg.

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