Tag: Btt Price

Follow Up: BitTorrent (BTT) Crashes 40% After Logging Milestone Price Rally

by NEWSBTC

Traders who bought BitTorrent at its top, believing that the Justin Sun-backed token would keep on pumping, are now facing huge intraday losses.

The BTT/USD exchange rate crashed by more than 40 percent after setting up a record high of $0.0134, questioning catalysts that prompted BitTorrent’s explosive upside move in the first place. Earlier, NewsBTC has raised alarms about an absence of concrete fundamental factors that should have been backing the BTT’s price rally. Excerpts:

“Traders might unload a portion of their BTT holdings to secure maximum profits. That could push the token towards its next downside target that lurks near its 20-4H exponential moving average (the green wave). If profit-taking intensifies, BTT will fall towards the blue wave target — the 50-4H simple moving average. That would wipe out almost most of the BTT’s 2021 profits.”

BitTorrent dumps more than 40 percent from its record high level. Source: BTTUSD on TradingView.com

Except, one factor, the so-called altcoin season, or altseason, attempted to justify BTT’s gains to a certain degree. Altseasons point to a growth in digital assets that rival the top cryptocurrency, Bitcoin. BitTorrent, an alternative cryptocurrency, gained almost in sync with other altcoins, including Ethereum, Binance Coin, Litecoin, XRP, and others, indicating that bulls were merely riding the upside craze.

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Is BitTorrent Still Bullish?

BitTorrent’s downside correction did little in offsetting its long-term bullish bias. The BTT/USD exchange rate was still up more than 3,000 percent on a year-to-date timeframe. While that made the pair extremely overvalued — according to its one-day Relative Strength Indicator readings, the ongoing craze in the altcoin market indicated that it would find sessional support in the short term.

The BitTorrent official Twitter channel attempted to underscore the BTT’s bullish bias by announcing a flurry of development updates. It noted that the BitTorrent File System would increase network decentralization by guarding testing on both client and server ends.

Nevertheless, the BTT/USD rate started heading lower hours after BitTorrent’s tweets.

What now appears possible is that BitTorrent finds support either in its 20-4H moving average or its 50-4H moving average. If the token manages to sustain above those levels, its possibility of bouncing back will remain higher. Else, it would risk falling to near $0.001, the Feb-March support level.

Photo by Sven tillack on Unsplash

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BitTorrent soars 30% to new all-time high, $5B market cap: What’s behind the rally?

by Cointelegraph

BitTorrent (BTT), the native token of the popular peer-to-peer file-sharing protocol BitTorrent, has surged nearly 30% in the past 24 hours.

The rally took the valuation of BTT to over $5.2 billion, making it the 24th most valuable cryptocurrency by market capitalization. What’s more impressive, the token’s value has increased more than ten-fold in the past two months. 

BTT/USDT 4-hour price chart (Binance). Source: TradingView.com

Is there any catalyst behind the BTT rally?

There has been no clear fundamental catalyst behind the BTT rally to date. Nevertheless, the token has demonstrated strong technical momentum since it spiked by nearly 120% within a week in mid-March.

Since then, the volume of BTT has continuously increased, causing it to garner more momentum as it surged past its all-time high.

Several factors could have boosted BTT in the past several days, however, namely staking on Poloniex, TRON founder Justin Sun’s high-profile purchases of NFTs, and rising sentiment on social media.

On March 25, Poloniex Exchange, which was acquired by a consortium of buyers which included Justin Sun, which Cointelegraph previously reported, announced staking on exchange with BTT.

The staking announcement from Poloniex could have added to the buyer demand for BTT because users could earn rewards by buying and staking BTT. The exchange said:

“With Poloniex staking, customers earn rewards while maintaining the flexibility to trade, deposit, and withdraw at all times. Along with this flexibility, customers can continue to earn staking rewards right up to the moment they decide to trade their funds into a different asset.”

Additionally, BitTorrent has been pushing the narrative of Sun buying high-profile NFTs as of late.

On March 29, BitTorrent tweeted:

“Justin Sun announced the official establishment of the #JUST NFT Fund and the Plan to hire a top tier artist as the chief NFT advisor of JUST #NFT Fund. Join us now in the marvelous adventure navigated by JUST #NFT!”

Considering that BTT is a part of the Tron ecosystem, the positive sentiment around NFTs and the focus of Sun on the NFT market may have had a positive effect on the value of BTT.

Social media sentiment spikes

Finally, the daily sentiment score versus the tweet volume of BTT surged by 377% beginning March 30, right before the price of BTT began to rally.

BTT daily sentiment score vs. tweet volume. Source: The Tie

Thus, the new BTT all-time high appears to be the result of a technical breakout, not only driven by strong social media momentum, but also the rebounding price of Bitcoin as well as altcoins across the board. 

As Cointelegraph reported, Bitcoin’s market dominance has dropped below 60% while the total market capitalization of altcoins has reached a new all-time high of $855 billion on March 31.