- BitTorrent token was one of the top-performing cryptocurrencies during the weekend.
- The token surged to the highest level since July as other cryptocurrencies rose.
- BTT is still a small and thinly traded cryptocurrency, which calls for caution.
The BitTorrent token (BTT) price continued rising on Monday as demand for the coin and other cryptocurrencies rose. The token jumped to a high of $0.00000048 on Monday, the highest level since July. It has jumped by more than 27% from its lowest level this year.
Is BitTorrent’s token a good buy?
BitTorrent is one of the oldest consumer software in the world. It exists in the torrenting industry, which enables people to download software and other items like books and music easily.
BitTorrent was acquired by Justin Sun, the founder of Tron, in a $180 million deal a few years ago. His goal was to leverage its technology to incorporate the blockchain industry.
As part of this approach, Justin Sun launched BitTorrent Chain (BTTC), a blockchain scaling solution that provides cross-chain services between heterogeneous blockchains. It is a faster and more cost-effective platform that can be used by both developers and traders.
Most importantly, BTTC is an Ethereum Virtual Machine (EVM), which makes its dApps accessible on Ethereum. It can handle over 7,00- transactions per second (TPS) and has a block time of between 2 and 3 seconds.
BitTorrent works well across the Tron ecosystem. For example, one can stake it and even borrow and lend it through JustLend, one of the most popular DeFi protocols in Tron’s ecosystem.
BTT price has risen for two main reasons. First, like other cryptocurrencies, it has jumped because of the ongoing spot Bitcoin ETF news. Most analysts believe that the Securities and Exchange Commission will approve its spot ETF in the coming months. Bitcoin’s surge to $35,000 has helped to push other coins higher.
Second, activity in its ecosystem is doing modestly well. The most recent data showed that there are over 7.2 million BTT miners. Of these, the number of active super miners are over 1.6 million. Its daily revenue is over 22.3 billion BTT, which is almost 10%.
Still, it is worth noting that BTT is a thinly traded cryptocurrency, and a few traders can move the token. Data by CoinMarketCap shows that its volume in the past 24 hours stood at over 38 million.
BitTorrent token price forecast
The daily chart shows that the BTT token bottomed at $0.000000036 earlier this month. It has now bounced back and moved slightly above the 50-day and 100-day exponential moving averages (EMA).
BTT price volume remains relatively low, meaning that these gains should be taken with a grain of salt. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extreme overbought level.
Therefore, the outlook for the BitTorrent token price is moderately bullish. It will likely rise and retest the Sunday’s high of $0.000000048 and then it will pull back to $0.000000040.
