In an unexpected turn of events, BitTorrent token (BTT) dominated the crypto weekly charts and is up +4% today. BitTorrent had a decent run until April 2021 but fell to the depths of hell after the Bitcoin crash in May 2021. BTT dipped drastically and slipped to a coma during the second half of 2021. Its price seemed like it was on life support for the rest of its trading days. However, BTT is now seen clawing back to its glory and is changing its fortunes in 2022.
The sudden spike comes after BitTorrent consolidated its tokens to a 1:1000 migration ratio. The consolidation process began on January 10, 2022, and the development is currently ongoing. After the consolidation period is complete, BTT would be renamed BTTC.
The token was in its prime before May 2021 and touched an all-time high of $0.01356626 on April 05, 2021. However, the market conditions weren’t kind to BTT post the BTC crash, and it is now down -81.1% from its ATH. The token had disappeared from all charts post-May and only came to life in December 2021, after rising 52% in a day on December 7th.
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It now looks like BitTorrent is seeing a surge in buyers after hitting its rock bottom. The consolidation process has brought the token back to life.
The Crypto Bubbles website shows BitTorrent token making an entry and dominating other tokens in terms of price rise. Its price may have bottomed out and investors believe its upward spiral could slowly be beginning.
If BTT continues its upward trend for a few more weeks, it could deliver decent returns to investors who took an entry position now. The spike in price could be a one-off and it’s advised to remain cautious.
What is BitTorrent Token (BTT)?
BitTorrent is a popular software that’s been around for close to three decades. The software is used by people to download movies, songs, among others that link it to pirate websites. However, its wings were clipped after pirate websites faced a crackdown and resulting in its declining popularity.
Its saving grace came in 2018 when Justin Sun, the founder of Tron acquired the company for $180 million. Since then, BTT entered the blockchain industry and currently has around 200 million active wallets.
The token is down -23.7% in the last 30-trading days and is down -3.8% since the last 14-days. However, its market cap has reached $2.3 billion today with a trading volume of $309 million.
At the time of publishing, BitTorrent was trading at $0.00255770 and is up +4.5% in the 24-hours day trade.