Nope, Monero is a fork of the CryptoNote reference code. Yes, this was originally done under the "Bytecoin" name, but if you take a look at the files in the very earliest Monero commit by thankful_for_today (eg. https://github.com/monero-project/bitmonero/blob/1a8f5ce89a990e54ec757affff01f27d449640bc/src/cryptonote_config.h) you will see that it says "Copyright (c) 2012-2013 The Cryptonote developers" and not "Copyright the Bytecoin developers". Unsurprisingly, the official repo of the CryptoNote reference code isn't particularly diverged from that first commit.

Important: this is not a Bytecoin relaunch or not a Bytecoin replacement but a Bytecoin fork. Bytecoin has its own long history, community and stakeholders we don't know much about. I respect them and their decisions even if I don't understand them now. An intention to relaunch coin is always harmfull for everybody involved. Fork is a right way to contribute to community in case you don't agree with decisions already made.