Altcoins

Top Reasons Behind BitTorrent whopping Spike | BTT Price

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BitTorrent has entered the forefront recently after its tremendous rally. BTT Price finally broke above $0.01 for the first time ever today.  adding 275% to the price since last week.

BTT is the absolute top gainer of all large-cap altcoins, according to the CoinmarketCap dashboard of crypto-asset prices. Its value has increased by 75% in just 24 hours.

On top spot trading platforms today, the price finally hit $0.015 in the early morning. This crazy occurrence is followed by a huge spike in the trading volume. 

The net trading volume for BTT pairs surpassed $14 Billion in 24 hours putting it right behind USDT, Bitcoin, and Ethereum on the charts.

The Alt season hype is here.

This insane soar in price can be the exhibit to an incoming altcoin spring hype, indicating a market takeover from Bitcoin shortly. 

However, currently, there is no special fundamental reason as to why the BTT price has spiked all of a sudden. The peer-to-peer file-sharing protocol BitTorrent has been in this space for a while now. The only material change as of now could be a strong technical momentum. 

BTT recently announced an upgrade to the BitTorrent file system, which essentially is upgraded BTFS decentralization and advanced performance indicators.

In another development, Recently on the 25th of March Crypto exchange Poloniex announced staking for BitTorrent tokens.

BitTorrent’s market cap surpassed $13 Billion for the first time, making it to the top 10 on charts, overthrowing Chainlink(LINK).

However, some trackers like CoinGecko do not approve of this milestone yet, as the BTT market cap is still at $8.3Billion according to the tracker.

At the time of writing, it is trading at 0.0115 with a market cap of $11.41 Billion.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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