The BitTorrent Token (BTT) was only launched last month, but the heights it is reaching now is extremely out of character for the current bear market. Though it only just hosted an initial coin offering (ICO) one week ago, which sold 59.8 billion tokens at $0.00012 each, the value of the BTT has already adjusted in a positive direction.
Both BitTorrent and Justin Sun have announced the BTT for trading and said already. BitTorrent posted,
“Have you heard about #BitTorrentSpeed? It’s a game-changing #blockchain based application expected in Q2 of 2019 that will reward BitTorrent users with $BTT in exchange for seeding and bandwidth, increasing the speed of torrent downloads and creating a healthier ecosystem.”
Sun reposted the original BitTorrent annoucement, adding, “Learn more about #BitTorrentSpeed. $BTT, a game-changing #blockchain based application on #TRON. #BitTorrent #BTT #TRX $TRX”
BitTorrent Speed is a new asset as well for seeding and bandwidth for faster downloads. According to the data available with CoinMarketCap this morning, BTT has seen a 565% increase since last week, as the token is priced at $0.000798 now. The sale did not last long, with every single BTT selling out in mere minutes.
Customers were incredibly unhappy with the pace, considering the technical issues that stopped the purchases from happening for them. To appease their new audience, the BitTorrent Foundation quickly jumped in, airdropping 5,000 BTT to each of the users that were unable to get into the sale in enough time.
BitTorrent was acquired by Tron last summer, which definitely put the platform in a positive place with the rest of the crypto community. Just a few weeks after the decision to launch a cryptocurrency of its own (which ultimately became BTT), the company also announced that the peer-to-peer file-sharing tech would also be shared, which the community did not take as well.
In fact, there were multiple staff departures at that time, and even the eventual launch of the BitTorrent Token was met with disdain by many investors. The BTT whitepaper notes that the addition of the token will
“The introduction of this feature will solve problems within BitTorrent as well as prove the effectiveness of using blockchain-based rewards for provision of infrastructure services in small increments across a very large installed base.”
However, since this token sale, BTT has secured a place in the listings of many major exchanges, like UpBit and Binance. Those two platforms alone account for over 90% of the last 24 hours of trading volume, amounting to $270 million. KuCoin has also integrated BTT as part of a BTC trading pair.
While seeing almost a 600% return on the BTT investment, holders of Bitcoin are presently seeing only a 3% difference in price from what it opened at on the same day. Another token is already being promoted for an upcoming launch on February 26th from Binance Launchpad, which is called Fetch.AI.