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The ongoing rally in the BitTorrent (BTT) ecosystem may be linked to heightened interest in the protocol following the announcement of key upgrades including the increase in the BitTorrent File Sharing (BTFS) network decentralization.
BitTorrent (BTT), the peer-to-peer (P2P) digital currency, used for file sharing and the torrent platform has recorded a huge milestone after seeing a non-stop surge in growth in the past week. Over the last 24 hours, BTT surged to a new all-time high (ATH) of $0.01426 according to CoinMarketCap and at present, the cryptocurrency is trading at a 70.77% growth to $0.01287.
The impressive push in the price of BitTorrent briefly veered the coin atop the ladder to rank as the 10th largest cryptocurrency, but at the time of writing, the digital currency is short of this position by a level, with a corresponding market capitalization of $12,692,760,145.
The BitTorrent platform is one of the biggest distributed networks around today, boasting over 2 billion users and more than 200 million wallets with 100 million Monthly Active Users (MAUs).
The utility of the BTT token has increased over the past months as reflected in its price performance. While the growth of more 245% in the last week seems overboard, BTT has recorded over a 900% pump in the past month and by 5,500% in the year-ago period. Its surge to the tenth position is a feat that Tron (TRX), the native cryptocurrency of the blockchain network BTT was built has never dared of.
The ongoing rally in the BitTorrent (BTT) ecosystem may be linked to heightened interest in the protocol following the announcement of key upgrades including the increase in the BitTorrent File Sharing (BTFS) network decentralization which has been done up to 50% as well as the other updates as seen below.
📢#BTFS Development Updates
✅Increase BTFS network decentralization. Guard decentralized testing on both client and server sides [50%]
✅Repair mode [done]
✅Challenge mode [doing] pic.twitter.com/ZRrS2racFj
— BitTorrent Inc. (@BitTorrent) April 4, 2021
Maintaining Top 10 Market Rank: Arduous Task for BitTorrent (BTT)
Based on market volatility impact and dynamics in general, the attainment of a top 10 rank amongst the global cryptocurrencies is relatively more achievable, especially for digital currencies that has great underlying fundamentals. Keeping up with this positioning is, however, what the majority of the coins are always unable to do.
In the past weeks, Theta (THETA) and Filecoin (FIL) attained similar or better ranking up the chart but the aggressive sell-offs by holders or investors quickly helped retrace the growth backward. The volatility surrounding BitTorrent is understandably high at this point as both the buyers and sellers strive to make meaning of the meteoric rise of the asset.
The retracement of the position or rank, market capitalization, and valuation of the asset is a testament to the test of fundamentals that BTT must undergo before it can comfortably sit as one of the elite digital currencies. Only Binance Coin (BNB), Polkadot (DOT), and Uniswap (UNI) have been able to maintain a good level of stability since entering the top ten list of cryptocurrencies by market capitalization.