Justin Sun’s BitTorrent (BTT) and Tron (TRX) prices have diverged in the past few days as the crypto bull run gets into high gear. The BitTorrent token surged to a two-year high of $0.0000021, which was 512% above its lowest point in 2023. This jump has brought its total market cap to over $1.9 billion.
Tron’s ecosystem is doing well
BitTorrent’s performance is evidence that Justin Sun did the right thing when he acquired the torrenting software in a $180 million deal.
Tron, on the other hand, has pulled back slightly in the past few days. It was trading at $0.14 on Tuesday morning, a few points below the year-to-date high of $0.144. Still, it remains sharply higher than its pandemic low of $0.04552.
Tron’s ecosystem is doing well during this crypto bull run. Data compiled by DeFi Llama shows that the Total Value Locked (TVL) in its DeFi ecosystem has jumped to more than $10 billion while the stablecoins in the network have crossed $52 billion.
JustLend’s TVL has surged to over $7.59 billion while JustStables has moved to more than $1.62 billion. stUSDT’s assets have soared to over $1.24 billion while SUN.io has over $620 million.
A possible reason why the TRX price has moved sideways amid the crypto rally is that it has little correlation with Bitcoin. For example, the current wave of Tron’s bull run started in November 2022 when it dropped to $0.044.
Read more: How to buy Tron.
BitTorrent’s BTFS upgrade
BitTorrent price surged because of the ongoing crypto rally and after the developers launched BTFS Gateway v2.4. The new upgrade brought more features to the network, including the ability to create, edit and remove a content list, search within a content list, and add/remove content from a list.
For starters, BitTorrent File System (BTFS) is a scalable decentralized storage system. It also facilitates secure file transfer and other additional features. It has over 7.9 million miners and has had over 24 trillion BTT in revenue.
Looking forward, the TRX and BTT prices will likely continue rising in the coming weeks as the crypto bull run accelerates. This run will be confirmed if Bitcoin manages to move above its all-time high of $69,000, which could happen as soon as on Tuesday.
If this happens, Tron could rally and retest its all-time high of $0.1840, which is about 31% above the current level. BitTorrent’s BTT, on the other hand, could jump from $0.0000020 to over $0.0000030.
