BitTorrent loses momentum, making $1 unlikely

BitTorrent has reportedly lost its momentum, and there is a lower chance for its native token, BTT, to touch the milestone of $1. However, experts say that it could soon register a correction of 30%. The last time it noted a massive rise was in December last year, 2023, when the valuation jumped by 150%. BTT has, since then, been under the influence of bearish sentiments.

The token was seen walking between $0.000001234 and $0.000001347. That was for a brief moment before the market experienced a breakdown.

BTT was last seen exchanging hands at $0.0000008002, a fall of 8.69% in the last 24 hours. Moreover, it is a fall of 23.42% and 29.06% in the last 7 days and 30 days, respectively. The market cap has slipped by 8.78%, while the 24-hour volume is up by 12.70%. The current resistance mark set by the bulls is $0.0000001060.

The MACD, an acronym for the Moving Average Convergence Divergence, shows the signs of a rising red histogram. That hints that more drops could happen in the times to come for BTT. Prices are expected to rise again once they hit the resistance mark. Assuming the market goes further down, BTT will completely lose its momentum and drop to the lowest possible value.

That said, the mark of $1 is far from becoming a reality. This is based on a simple calculation: reaching that milestone requires BTT to achieve a market cap of $950 trillion by the end of this year. Even if it rises by 25% every year from this point, it would take BTT 95 years to hit that mark, based on rough calculations.

BitTorrent’s price target will eventually grow without achieving the $1 mark. Reasons to stay optimistic include recent developments. This includes the launch of the $BTT wallet, with trading slated to begin shortly, and an announcement about the BTFS (BitTorrent File System). The core team aims to add API services for Amazon Web Services’ Simple Storage Service to the BTFS Protocol.

The community also has several features of BitTorrent to look forward to: disruption of the traditional entertainment industry, direct sharing of content, BitTorrent speed for the holders of BTT, and a paid version with extra benefits including, but not limited to, VPN capabilities and browsing without advertisements.

That said, BTT is not the only token that is going through a gloomy phase at the moment. Dominating tokens—BTC and ETH—have each taken huge hits in their token valuations.

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BTC, for one, has fallen below the mark of $40k and is currently exchanging hands at $38,857.91. This is a fall of 4.765 in the last 24 hours. Similarly, ETH is listed at $2,222.27 at the time of drafting this piece. That value of Ether reflects a fall of 6.91% in the last 24 hours.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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