The BTT token suddenly witnessed a huge price spike in December 2023 even though its price chart was asleep for the entire 2023. Tron gaining 190 million users is the major reason behind this price spike. Adding to that, the anticipation of a crypto bull market in 2024 can also result in a considerable price surge in the BTT token price.
The BTT token is definitely a good investment, considering the market conditions, the project’s unique real-world use cases, and its ever-growing user base across the globe. Let us learn more about BitTorrent and its native BTT token in the present article.
About BitTorrent (BTT)
BitTorrent is probably the first traditional project that moved to blockchain and launched its native BTT cryptocurrency. Bran Cohen developed BitTorrent in 2001 to enable large file sharing between people without the need of a central entity. It was originally a peer-to-peer file-sharing platform widely known for online piracy.
Cohen left BitTorrent in 2017 and Tron founder Justin Sun acquired it in 2018 and launched BTT token based on the TRC-10 token standard on the Tron blockchain. While the original BitTorrent only allowed users to transfer files, the new BitTorrent protocol incentivizes users with BTT tokens for file sharing and storage.
To increase the rate at which users upload and download the files, BitTorrent Speed protocol was developed. Downloaders can pay uploaders in BTT tokens for faster downloads and for more bandwidth and storage.
However, the direct use of TRON blockchain became unfeasible to render to the large user base of BitTorrent. The developer team introduced BitTorrent Chain (BTTC) mainnet and made it live in December 2021. The redenomination of BTT tokens was also a part of the BTTC launch. The old tokens will remain in circulation under the symbol BTTOLD and the new tokens are currently known as BTT tokens.
Price History and Market Performance of BitTorrent
The new BTT tokens had a starting price of $0.000002393 in January 2022 and increased to $0.000003054 in the following week. The crypto market started to fall at that time and BTT also followed the overall market trend.
Russia-Ukraine war has a clear impact on the crypto market performance and BTT token’s price has also dropped. From $0.000003054, BTT plunged to as low as $0.000001691 in February 2022. The following weeks went well for BTT and saw a price rise to $0.000002332 by the end of March.
And then the historical crash of Terra Luna damaged the crypto market seriously in mid-2022. The BTT token couldn’t hold the uptrend for long and followed a downtrend until June and dropped to $0.0000007703. From then, there are no significant price drops or price gains but the overall price trend was bearish until December first week.
BTT Price Rally
The BTT token suddenly became the crypto of the day when its price rose by 132% in just a few hours on December 7, 2023. From $0.0000005048 on December 6, 2023, BTT price went all the way up to $0.000001365. This is huge for the BTT community as the token didn’t cross the $0.000001 mark since August 2022.
Not only the price of the BTT token but its trading volume has also seen an incredible surge. Its trading volume rose by 1157% on December 7, 2023, amounting to one-third of the overall market cap of the token.
The BTT price rise didn’t happen out of thin air, but has a clear reason behind it. Tron founder Justin Sun posted on X, celebrating that the number of Tron users reached the 190 million mark. The impact of Justin Sun’s post on the BTT token is noteworthy. On another note, to everyone’s surprise, there is no such price rise in Tron blockchain’s native cryptocurrency TRON.
The BTT token price is currently hovering at $0.000001138, recording monthly gains of 133%. BTT price chart is following a downtrend at the time of writing, implying that there is a price correction due to profit-booking.
Is BitTorrent a Good Investment?
In short, yes, BTT is a good investment to make to benefit from its price raise in the long run. BitTorrent is a promising project with practical use cases and has already been proving its importance in the tech world since 2021. Its transition to Tron blockchain has only amplified its functionality and will continue to do so in the future.
If you are looking for long-term investment, BTT is a good choice. Even though the BTT token price is on uptrend as of December, 2023, there is no guarantee that it will hold its price rise. However, if we consider the use cases and the increasing adoption of the BitTorrent platform, there is a high chance that it will continue to be a robust project with strong fundamentals.
Conclusion
The present article explained the project, market performance of BTT token, and decided that BTT token is a good investment based on user adoption, application, and the possibility of the project to improve further in the future. But, there can be other unforeseeable factors that can also impact the BTT token price. So, never invest more than you can afford to lose in any cryptocurrency.
However, all cryptocurrencies are volatile and follow unpredictable price patterns. You must do your own research and understand the project thoroughly, before investing in the BTT token.
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- Source: https://coingape.com/blog/is-bittorrent-btt-a-good-investment-for-2024/
