BitTorrent’s native token BTT entered the list of tokens that recorded significant price rise in a single day this year. The BTT token crossed the $0.000001 mark on December 8, 2023 and gained substantial traction from crypto investors. It led many investors to wonder if BitTorrent coin hit $1 if the price rally continues. Let us find out the same in the present article.

What is BitTorrent Coin (BTT)?

BitTorrent is an online piracy file-sharing platform, developed in 2001. It allowed users to transfer large files from one person to another without any middlemen. BitTorrent became widely popular for its services and acquired millions of users as the time passed.

Tron founder Justin Sun acquired the Bittorrent project and established it on the Tron blockchain network. What was facilitating online file sharing between users, has then started to incentivize them for file transfer. And, it also enabled developers of decentralized applications to share and store large files.

BitTorrent gave birth to its own BTT crypto token after moving to the Tron blockchain. The fungible token standard TRC-10 on the Tron blockchain is used to launch the BTT token. Several upgrades took place on the BitTorrent protocol to increase the speed at which files can be shared on the platform.

As per the Tron whitepaper, the Tron blockchain couldn’t cater to the increasing number of users for BitTorrent. BitTorrent Chain (BTTC) was introduced to address this issue, which also redenominated its native token. The new token is called BTT token while the old tokens remain in circulation but with the ticker BTTOLD.

So, when we say BitTorrent Coin, we are referring to the new BTT tokens. These tokens have several use cases including for governance, staking, gas fee payment, and to become BTTC validator.

What is Happening with the BTT Token?

The BitTorrent Chain main net was launched in December 2021 and the new BTT token started trading in open markets in January 2022. Initially, it witnessed a considerable price surge and raised to $0.000003054 from $0.000002393. After dropping in the next few weeks, BTT’s price again rose to $0.000002332 in April 2022.

The crypto market’s poor performances in the remaining 2022 has also impacted the performance of the BTT token. It traded sideways with no particular gains or losses until December first week this year.

On December 7, 2023, the BTT token price shot up and recorded a 132% rise within a few hours. The token went up from $0.0000005048 to $0.000001365, crossing the $0.000001 mark after one and a half years.

The sudden price surge of the BTT token is tied to Tron reaching a 199 million user base milestone in the crypto community. The official Tron account on social media X shared on December 2, 2023, that the total number of accounts on Tron exceeded 199 million. Interestingly, Tron reaching this milestone had no significant impact on its native TRON token.

The BTT token is currently trading at around $0.000001146, recording monthly gains of 146%. After profit booking, the token’s price dropped by 4% this week. However, the BTT token is still standing above the $0.000001 mark, which is considered as a good sign by its community members.

BitTorrent Price Prediction : Will BitTorrent Coin Hit $1?

BitTorrent Coin, BTT reaching $1 is highly impossible, keeping in mind its price history and current market performance. For the BTT token to reach $1, its market capitalization should be hundreds of trillions, which is practically impossible at present market conditions.

The BTT token price is hovering around $0.000001 as of December, 2023. This means 5 zeros are there for the coin to reach $1, which is a difficult task to achieve and would need a miracle to happen.

However, the project is unique in the crypto industry and has a wide user base with proven use cases. If it manages to scale, in terms of adoption and providing applications, BitTorrent reaching $1 is definitely a possibility.

Conclusion

BitTorrent token has a proven track record of providing real-world applications and gaining millions of users even before moving to blockchain. Its functionality has increased further after being acquired by the Tron blockchain. From only allowing file transfer to providing file storage and token incentivizing services, BitTorrent has come a long way.

Crypto markets are unpredictable and we cannot say for sure if BTT will reach $1. But, we can definitely say that BTT is a good investment to make for the long run.

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• Source: https://coingape.com/blog/bittorrent-coin-will-bittorrent-coin-hit-1/