BitTorrent Token (BTT) Soars Sensational 70% in 24 Hours: Analyzing Reasons Behind Pump
BitTorrent Token (BTT), a core native token of BitTorrent decentralized data sharing system, witnessed an impressive upsurge in last seven days. What catalyzes its pump?
BitTorrent Token (BTT) made headlines in recent days with its eye-watering rally. Its price added 275% in the last week. Today, April 5, 2020, it broke above $0.01 for the first time in its history.
BTT price goes ballistic. Hype or fundamentals to blame?
According to Binance’s Coinmarketcap dashboard of crypto asset prices, BitTorrent Token (BTT) is an undisputed top gainer amidst all large-cap altcoins. Its price added 75 percent in 24 hours only.
Today, in the early morning hours, the BTT price barely touched $0.015 on top spot trading platforms. This insane outbreak is surrounded by a massive trading volume upsurge.
The net trading volume for BTT pairs exceeded $14 billion in 24 hours; BTT is surpassed only by U.S. Dollar Tether (USDT), Bitcoin (BTC) and Ethereum (ETH).
Yesterday, the BitTorrent team announced a meaningful upgrade of the BitTorrent File System (BTFS). BitTorrent engineers upgraded BTFS decentralization and advanced its performance indicators.
Altcoin spring is coming
The market capitalization of BitTorrent surpassed $13 billion for the first time ever. Thus, the project toppled Chainlink (LINK) by market capitalization and conquered its place in the top 10. Meanwhile, other trackers, e.g., CoinGecko, does not verify this achievement: the BTT market cap is “only” $8.3 billion, according to CoinGecko.
Nevertheless, Tron-affiliated BitTorrent (BTT) followed the example of Theta Coin (THETA), the core utility asset of Theta decentralized video streaming platform.
It looks as if crypto markets have insane “altseason” vibes. In cryptocurrencies, “altcoin season” refers to a period in which altcoins significantly outperform Bitcoin (BTC), demonstrating enormous price rallies. Technically, it results in a shrinking Bitcoin Dominance (BTC.D) indicator.
At press time, this metric sits at 57 percent, which is close to two-year lows.