BTT token, the native token of BitTorrent, has seen more than a 100% surge in its price within the last 24 hours
BTT, the native token of file-sharing platform BitTorrent has seen more than a 100% surge in its price within the last 24 hours. The price rise, which saw it breach $0.000001 for the first time since May 2022, however, may be linked to the current buzz around the Tron blockchain.
Tron acquired BitTorrent in 2018 and has since been issuing the token. However, recent reports that the Tron blockchain has hit 200 million users may just be the reason behind the price surge of the BTT token. The price gain followed shortly after Tron founder Justin Sun took to his X page to announce the development. In his post, Sun expressed that the 200 million users feat is a major milestone that is good enough proof of the consistent growth of the ecosystem.
Tron now has $8.2 billion in total value locked (TVL) across DeFi protocols. This makes it the second-largest blockchain in terms of users and TVL. The chain comes right behind Ethereum with $28.27 billion in TVL per DefiLlama data.
For clarity, TVL is an indicator of how much investor money exists in a given crypto ecosystem.
BTT Token Rallies Like Other Coins
Notably, the upsurge of the BTT token price directly reflects the general outlook of the wider crypto market. Major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have also recently risen to highs not seen in over 19 months. This has caused an industry-wide uptick as blockchains and networks continue to show positive signs on all possible metrics.
For example, BitTorrent now has a market capitalization of $762 million. That is after its daily trading volume also saw an impressive 1185% rise to $379 million. Despite the positives though, BitTorrent’s relatively low market depth of 2% remains a worry. The platform has $150,000 and $191,000 on either side of its order book. This means that only a small amount of liquidity is required to move the price of the asset in any direction.
Similarly, its BTT token is also pumping. Recall that the token traded in a consolidated range between $0.000004491 and $0.000005121 for over a month, showing a lack of interest from investors. However, Justin Sun’s post and the general state of the crypto market may have just revived its fortunes.
As of press time though, the BTT token price has since retraced some of its recent steps. According to CoinMarketCap data, it was still up 59% on the day and was seen trading around $0.000000802.
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