In today’s market, the price of BitTorrent (BTT) has reportedly experienced a surge in its price. While the majority of the cryptocurrencies are experiencing a downtrend, BTT seems to be experiencing a positive trend.
The reason behind the surge in BTT’s price is the announcement of the launch date of its mainnet. It has been confirmed that the mainnet for BTT will be launched on December 13, 2021. It was confirmed that the new mainnet will have all circulating tokens on its blockchain redenominated.
The data from TradingView shows that on December 12 at 10:00 (UTC), the price of BTT traded at a price of $0.003947. It is a 67% surge that BTT has observed in its price in the past 24-hours. It is a huge announcement and a profiting opportunity for the entire BTT community.
As of now, BTT is ranked the second-best performing cryptocurrency in the past 24-hours on CoinMarketCap. Other on-chain data analyzing firms are also sharing similar findings surrounding the performance of BTT.
Only being launched in the running year, BTT has managed to find itself among the 100-top cryptocurrencies in terms of valuation. As of now, BTT’s rank is 51, with a market valuation worth $3,023,269,897.
When it comes to trading volume, the analytics have also observed that it has grown on a large scale. Almost all major cryptocurrency exchanges have reported a rise in the trading volumes for BTT in the past 24-hours. As of now, BTT’s trading volume in the past 24-hours is over $462 million.
The data shows that among the rest of the cryptocurrency exchanges, the cryptocurrency exchange that has demonstrated the highest trading volume for BTT is Upbit. After Upbit, it is Binance that has observed a surge in the trading volume for BTT.
The data from TradingView shows that BTT’s price may still not be able to experience a high trend after a brief time. Despite the mainnet launch announcement, the overall cryptocurrency market is experiencing a bearish trend.
Therefore, the bulls may not be able to keep BTT’s over the $0.003000 mark for a longer period of time. The data shows that BTT’s price may fall below $0.003000 due to heavy selling activities that the bears may trigger.
The bearish overwhelming selling may drag the price of BTT below the $0.00300 mark. From that point onwards, the bears may try and pull BTT’s price even lower than the $0.002800 price.
On the other hand, the bulls may attempt to increase the price of BTT over the $0.00350 figure if the bears do not give much resistance to the particular figure. For now, the overall trend for BTT is on the negative side.