BitTorrent Price Up 5.7% – Time to Buy BTT?

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Fans of the TRON ecosystem have been trooping to buy BTT as a show of support for BitTorrent’s affiliation with TRON. The influx of purchases has seen the coin turn a corner, and it is now on the uptrend once more.

Several factors have led to the growth in BTT’s price, and we’ll be looking into them below to see whether you should buy BTT.

BitTorrent: Decentralized File Sharing At Its Best

BTT price charts August 12 - buy BTT

One of the primary benefits of decentralization is the ability to share files from end to end without having to run through many intermediaries. You can go online to platforms like BitTorrent and download files as you see fit. Movies, games, music tracks, and other forms of content are available online, just waiting for you.

BitTorrent currently runs arguably the largest catalog of content available online for viewers. The platform has been running for well over a decade, offering borderless access to content to millions of people across the world.

In 2019, BitTorrent was acquired by the TRON Foundation – one of the most popular blockchain companies in the world. The TRON Foundation is the company behind the famous TRX token. It launched in 2017 intending to also decentralize the file storage and sharing industry.

TRON’s operating module is simple. People go on the platform and share their content, and anyone who wants to view the content will need to pay the creator in TRX.

With BitTorrent, the TRON Foundation had the perfect tool to bring its mission to life. The deal, which was valued at about $140 million, remains the most significant move made by TRON to date.

The two companies eventually partnered to launch the BitTorrent Token (BTT) in early 2019.

BTT was billed to become the same thing for BitTorrent as TRX is for TRON. content creators will get paid in BTT when their content is shared or viewed by others. People can also buy BTT and share it in exchange for resources such as bandwidth and storage space.

BTT: Price Movements in 2021

Like every other popular cryptocurrency, BTT has had a mixed year so far. It started 2021 trading at $0.00038 and was able to quickly move following gains in large-cap assets across the board. By April 5, BTT had hit its yearly high of $0.013.

But, with the downturn, investors stopped the move to buy BTT and its price subsequently fell. The BTT price hit successive lows, starting at $0.00343 on April 22. It dropped to $0.0035 on May 19 and again to $0.0016 on June 22. The coin’s downturn low marked an astonishing 98.7 percent drop from its yearly high.

But, the movement hasn’t been all gloomy. The market is beginning to pick up once more, and investors are seeing reasons to buy BTT once again. In fact, the coin has been on a consistent uptrend from July 20, moving from $0.002 to a current price of $0.0046 – a 130 percent jump.

BTT: Technical and Fundamental Analysis

Currently, BTT is up by 5.7 percent in the past day and 41.5 percent in the last week. The coin is also doing quite well technically, with a 20-day moving average (MA) of $0.0032.

Its relative strength index (RSI) reads 84.09 – quite dangerous, but not a rarity for a cryptocurrency in high demand. This just shows that investors are trooping in to buy BTT.

As for fundamentals, BTT isn’t registering much. The coin doesn’t even seem to be doing much for its original use case, which is to incentivize people to share content on BitTorrent. It’s still possible to get content on the platform for free, so you don’t need to buy BTT for that.

Instead, investors are buying BTT to serve as a speculative investment – not much more than that.

1
$50
Mobile AppYes
  • Slick trading system for 2021
  • Supports multiple cryptocurrencies
  • Extensive range of US stocks and ETFs
0% CommissionVisit WebsiteOur score 10

 

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.