BitTorrent Token Takes Cryptocurrency Market by Storm as BTT Surges 9x Starting Price
The current price of Bitcoin is $3506, with 24 hour volume leveling around 5.2 billion USD. Bitcoin is now approaching volatility lows, similar to October before the major loss of support at $6000.
We are unsure if this means $BTC will take another leg down, or if it may take back some of the territory it lost in the middle of November. Before we can make sense of the current consolidation phase, we must first wait for price action to further develop. The support and resistance levels we have outlined for more than a week are still in tact.
Although Bitcoin’s volatility has placed the crypto market in a state of limbo, one new cryptocurrency on the scene is making traders in the space reminiscent of the gains of late 2017, early 2018 bull market: BitTorrent Token 🎉.
BitTorrent Token is a cryptocurrency that announced it would be integrated with BitTorrent’s peer-to-peer file-sharing tech. The BitTorrent token sale took place on January 28th (months after BitTorrent was acquired by Tron (TRX). The ICO sold out in a matter of minutes. A total of 59.8 billion tokens were bought by consumers at a price of $0.00012!
Since the ICO, BitTorrent token has been listed on Binance. It is now trading at nearly 9.6x sincethe initial offering price 🚀.
The hype surrounding this project is two-fold. Arguably, the best marketing team in the space works under Justin Sun and the Tron Foundation. They have consistently captivated the industry with their sales and marketing tactics. Whether you like the team’s approach or not, they constantly find themselves in public discussion, which has benefitted Tron itself and everything it is associated with.
The BitTorrent platform has 100 million active users, which is one of the most substantial platforms in crypto history. With that many active users, our team is not overly surprised at why $BTT has nearly 10x during a bear market.
With $BTT’s daily trading volume now ranked fourth in the entire crypto market (excluding stable coins), multiple alts are suffering as volume flows from other coins directly into $BTT 🤒.
Our team is split down the middle in terms of our bullish/bearish sentiment. While we respect the massive amount of users on the BitTorrent platform, along with Justin Sun’s marketing capabilities, we cannot ignore the token economics and the exuberant buying behavior when factoring how to scale into a position.
With the supply of $BTT inflating in the coming days, we will hold off on buying $BTT for the next few weeks and wait for support levels to be more clearly defined. View our chart below to see where we have outlined support levels.
We will keep you posted on $BTT and other crypto analyses as price action develops 👊.