HomeUncategorizedBitTorrent Token Price Turns Bullish as USDT Trading Spikes

BitTorrent Token Price Turns Bullish as USDT Trading Spikes

Ever since conducting a very successful IEO on Binance, the BitTorrent Token has lost some of its allure. With the token price dropping quite hard, a lot of users have seemingly given up. On days like today, the BitTorrent Token price offers some positive momentum amidst minor market carnage.

As far as the alternative cryptocurrency markets are concerned, one can’t make too many accurate predictions. All of these currencies, assets, and tokens rely on Bitcoin’s momentum first and foremost. However, if the BTC value increases, altcoins won’t automatically follow suit every single time either.

A Temporary BitTorrent Token Price Bump?

Any price trend taking place out of the blue becomes all the more important. The current BitTorrent Token price is on a steep run over the past 24 hours, culminating in a 10.8% increase. With the price hitting $0.000334 at the peak, it remains to be seen how things will evolve over the weekend.

Similar to some other alternative markets, BTT has plenty of trading volume when compared to its market cap. Over 33% of the total BTT valuation has changed hands across exchanges today. This is primarily due to have trading on Binance’s BTT/USDT pair, as it represents 75% of all daily volume. Of the top 5 markets by BTT trading volume, all of them are linked to Tether’s USDT. 

Although this is an interesting development, it also raises some questions. When one exchange is so dominant in terms of volume, it seems unlikely that this uptrend can be sustained for multiple days. The token is still a long way removed from its all-time high of $0.001755 in May of 2019. History could repeat itself eventually, but for now, that is wishful thinking. 

Albeit it is relatively quiet on the BTT front, there are still many fans who will be pleased with the current BitTorrent Token price trend. Shad Hinds remains confident the acquisition of BitTorrent and integrating it into TRON‘s ecosystem will pave the way for innovative solutions. 

As far as BitTorrent Token price watchers are concerned, Nugyen Duy Anh seemingly expected a big uptrend. Although the “massive bull run” has not materialized, the current momentum is promising. It doesn’t do much for BTT/BTC, however, as that ratio remains stuck at the 4 satoshi level.

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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