BitTorrent (BTT) makes slight gains as 28% of the BTTOLD token supply is burned

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jan 5, 2022
  • BitTorrent has attempted to make a bullish rally during the past 24 hours.
  • However, the gains are not major, given the bearish pressure in the broader market.
  • This comes as the network announced 28% of the total BTTOLD tokens supply has been burned.

The bearish pressure across the crypto market has not prevented some altcoins from attempting a price recovery. Among the tokens that have outperformed the market is BitTorrent (BTT/USD), which has slightly gained during the past 24 hours.

At the time of writing, BTT was trading at $0.00305, representing a 2.1% gain during the past 24 hours. This comes as the majority of the market dips or consolidates.

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BTT attempts a breakout

Over the past week, BTT has increased by double-digits, and its weekly gains now stand at around 15%. The bullishness comes from buyer support, given that the rest of the market is on a downtrend.

Over the past 24 hours, the highest level attained by BTT is $0.00316. The resistance level currently lies at $0.00310, which could be broken out if the buyers continue to accumulate more tokens.

While BTT failed to regain its all-time high in 2021, the current performance in the market shows promise of this happening again. However, this will only be achieved if the bullish gains are maintained. A strong uptrend towards the record highs will be created with both market support and buyer support.

On the downside, BTT could also fail in its attempted price recovery, in which case it could erase the weekly gains. As such, the token could be headed towards the lower support level of $0.0029. Since early December, BTT has failed to make any notable gains, showing strong dependence on market support; hence, if the market fails to recover, BTT could retreat to a downtrend.

28% of BTTOLD tokens burned

Since the redenomination plan was introduced, the BitTorrent network has been on a bullish gain. The redenomination plan seeks to grow the BitTorrent network through a mainnet launch. The launch of the BitTorrent mainnet seeks to burn the BTTOLD tokens that will be replaced by new BTT tokens. The BitTorrent network recently announced that 28% of the entire supply of BTTOLD tokens has been burned. This reflects a major success in the redenomination plan. Swapping the old BTT tokens for the new ones is still taking place.

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