The BitTorrent price is in a tight range as investors wait for the upcoming unveiling of the BitTorrent Chain. The BTT price is at $0.00487, which is about 8% below the highest point last week. This price brings its total market capitalization to more than $3.2 billion.
BitTorrent Chain launch draws closer
BitTorrent is a leading technology company whose main product allows people to download pirated content from platforms like Pirate Bay. The platform also offers other solutions like media streaming and a file system.
BitTorrent is a relatively old firm that was started in 2004. The firm transitioned itself a few years ago after it got acquired by Justin Sun, the founder of Tron in a $180 million deal. The acquisition paid off since the BTT token is now valued at more than $3.2 billion.
The BTT price is moving sideways as investors wait for a presentation by Justin Sun, who will unveil the BitTorrent Chain (BTTS). While little is known about the project, hints on social media say that it is a layer 2 and cross-chain scaling platform.
Essentially, this platform will likely help developers scale their decentralized applications and make them interoperable across multiple chains. This is one of the fastest-growing areas in blockchain, as evidenced by the strong performance of Polygon.
Valued at more than $10 billion, Polygon is the biggest layer 2 platform in the world. It is currently used by platforms like Aave and Curve Finance.
Therefore, there is a likelihood that the BitTorrent price will bounce back as enthusiasm about the launch approaches. Another coin that will likely rise is Tron’s TRX because the new platform will likely use its technology.
The BTT price is also rising after news that the total number of contracts on the BitTorrent File System (BTFS) network reached a new milestone of 54,000.
BitTorrent price prediction
The BitTorrent price formed a double-bottom at $0.001860 between May and July. Since then, it has risen by more than 140% and scaled above the 25-day and 50-day exponential moving averages (EMA). The coin’s Relative Strength Index has also been rising.
The price is still above the ascending trendline shown in black. It has also found some resistance at the 61.8% Fibonacci retracement level. Therefore, the coin’s path of least resistance is to the upside, with the next key level being at $0.0068.
