Price Analysis

BitTorrent (BTT) Price Analysis : BitTorrent Invades Crypto World with a Bouncing Market

BitTorrent (BTT) – a native token launched by Tron, is one of the best peer-to-peer (P2P) client which is based out of Tron protocol. The BitTorrent TRON acquisition known as Atlas was planned in July 2018 for 125 million USD. BitTorrent aims to tokenize the decentralized file-sharing protocol with their cryptocurrency asset. The new coin faced negativity before the launch, however after its launch; the list of supporters increased and included elite names of the crypto industry.

BitTorrent represents a TRC-10 utility token that is based on the TRON platform which permits its content creators to connect with their audience, earn and spend digital currency without any intermediaries. BitTorrent is denoted by BTT, which can be offered by the users for faster downloads or can be stored in the BTT wallet inside the BitTorrent client.

BittorrentBased on the reports from CoinMarketCap, BitTorrent (BTT) is the 49th largest cryptocurrency in the crypto market with its current MCap value trading at $126,540,873 USD for its corresponding 24h volume of $14,543,717 on March 15 at 15:44 UTC. This is based on the circulating supply of 170,421,000,000 BTT coins out of a total supply of 990,000,000,000 BTT coins. The cryptocurrency is the latest entry into the crypto world. On introduction, the values jumped to $128,540,875 for a corresponding 24h volume of 22,074,060 on March 14 at 00:49 UTC. However, the MCap value dropped by 1.56% in 24 hours.

The current price of USD and BTC as predicted by Coinmarketcap are $0.000745 and 0.00000019 respectively. The MCap value leads the market trend followed by the price of USD and then the BTC. The price of BTC and USD started as low as $0.000516 and 0.00000015 which is 44.38% and 26.67% lesser than the current values respectively. The Price of USD and BTC reached its peak values together before going downtrend. The peak values were $0.001216 and 0.00000035 respectively. After the dip, the price of USD has been running parallel to the Price of BTC.

The stats deduce the current Relative Strength Index value to be 23.160 which points in favor of the buyers. However, the reduction in MCap value within 24 hours shows the instability of the cryptocurrency. Hence both the investors and the traders with long term and short term investment plans should wait and observe the market trend. Once the MCap value increases with stability, investing this cryptocurrency will work beneficial.

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