Despite market volatility, BitTorrent Token (BTT) has experienced a surge in value, reaching a 22-week high. The peer-to-peer file sharing platform’s native token has defied market uncertainty, posting significant gains amidst the recent market downturn. This increase in value has been attributed to the platform’s growing user base and successful integration with the TRON blockchain. BTT’s strong performance has caught the attention of investors and crypto enthusiasts alike, positioning it as a promising token for the future.
BitTorrent (BTT) Continues to Surge, Posting a 22-Week High
BitTorrent (BTT) has recently surged to a 22-week high, marking a significant milestone for the file-sharing token. Despite the recent sell-off in the cryptocurrency market, BTT managed to post gains of 9.8% over the last 24 hours at the time of writing.
On April 19th, BTT hit a local top of $0.00000090, but the daily candle was unable to hold onto the gains, retracing significantly and closing at $0.00000070. However, on April 20th, BTT rose to $0.00000080 on two occasions, only to be rejected both times, leaving another long top wick.
The Relative Strength Index (RSI) hit just shy of 70, which is the threshold for overbought territory, before printing a sharp dip downwards, suggesting a waning momentum. Low volume accompanied the move higher, indicating an absence of sellers rather than strong buy pressure driving the move higher.
Despite the recent surge, BTT is still approximately 80% down from its all-time high of $0.00000343 in January 2022.
Fundamental Developments
Decentralized exchange Mdex recently announced BitTorrent support from April 24th onwards. Participants in the feedback activity can win a share of the $180,000 reward by using Mdex, such as bridging tokens or adding and staking to liquidity pools.
In addition, BitTorrent recently called on developers to submit their dApps and websites for deployment on Awesome BTFS (BitTorrent File System). The company described the technology as “the next generation decentralized file storage system build for web 3.0 Applications.” It uses multichain peer-to-peer networks and smart contracts for scalable, low-cost data storage.
Several websites have already signed up for Awesome BTFS, including Yam Finance, Uniswap V3, as well as Tron-affiliated sites such as SunSwap and TRONScan.
In conclusion, BitTorrent (BTT) has continued to defy the market uncertainty and posted a 22-week high, driven by fundamental developments and strong market sentiment. It will be interesting to see how BTT performs in the coming weeks and whether it can maintain its upward momentum.