BitTorrent (BTT) price triples overnight to hit new ATH

Written by: Ali Raza
February 11, 2021
  • BTT increased by more than 150% within 24 hours, making it the highest gainer among the top 100 crypto assets.
  • The unprecedented rise of BTT has been linked to traders activities rather than fundamental analysis.
  • BitTorrent also hits all-time high in market capitalization following price upsurge.

After the recent price rally of Bitcoin (BTC) following Tesla’s $1.5 billion purchase of the coin, another crypto asset has taken another leap in price. BitTorrent (BTT) rose by more than 156% within a day to close at $ 0.00192 on February 9, hitting a new all-time high in the process.

BitTorrent was bought in 2019 by Tron Chief Executive Officer Justin Sun. BTT was immediately integrated into the Tron Blockchain after the acquisition.

Highest gainer among top-100 cryptos

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The cryptocurrency has been quiet for months now, but it seems the bullish run in the market has galvanized the coin. It has maintained a 24-hour upward movement for the past several days now.

BitTorrent’s performance is not unique only to the cryptocurrency, as other coins have been performing well too. This has been attributed to strong institutional demand in the market.

Several altcoins rallied above 20% within the same period. These include BTT, TRX, AVAX, RUNE, EGLD, DGB, XVS, and LUNA. However, BitTorrent  (BTT) is the highest gainer. In fact, it’s the highest gainer when it comes to the top 100 cryptocurrencies.

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Price increase connected to traders activities

The massive surge of BTT has not been triggered by any buzz or fundamental activities surrounding the token. This gives credence to the idea that the high price may be triggered only by traders who buy BitTorrent. It could also be linked to those investing in TRON, known that both tokens share the same ownership.

On February 5th, Tron began its registration for the global DeFi hackathon event, with prizes worth $10 million set to be distributed at the event. The first and second price will be $1 million, while the special TRON (TRX) price is $500,000.

Observers say BitTorent’s link to Tron could have spurred the token’s price. The price of BitTorrent was hovering between $0.0002 and $0.0004 before it took a massive leap within 24 hours. It has also hit a milestone when it comes to market capitalization at $16 billion.