In what is now undoubtedly the altcoin season, the price of BitTorrent (BTT) is setting new records, now worth 2000% more than three months ago.
The BTT token was launched on the Tron blockchain 3 years ago, in July 2018, and the project was later acquired by Justin Sun, founder of Tron, of which he is now the CEO.
A few hours ago, Sun himself published a post on Twitter saying that BTT is the next Dogecoin:
— Justin Sun🌞 (@justinsuntron) April 16, 2021
It’s certainly a jarring comparison, particularly coming from the project’s CEO, but Sun probably meant that BTT is rising as fast as DOGE is, which just today reached 25 cents on the dollar.
Whereas BTT stands at $0.007, although in the last 24 hours it has seen a drop of almost 4%, and in the last week it has fallen about 20%, after hitting its all-time high of $0.014 on April 5th.
Why has the price of BitTorrent risen?
The reasons for this rise, apart from the altseason, include the fact that the Poloniex exchange had launched staking, as well as the marketing efforts of Justin Sun, who has been the talk of the town with major NFT purchases (Justin bought a non-fungible Beeple token for 6 million) and the growing sentiment on social media, as noted by Sentifi.
What is BitTorrent?
BitTorrent is the world’s most popular client, a peer-to-peer protocol for exchanging files over the web. Founded in 2001, it began as an internet-based project, while the blockchain only took over in 2018, when Tron acquired it.
At first, BitTorrent accepted cryptocurrency payments, and then decided to launch its own BTT token.