The price of BTT, BitTorrent’s native token, has reached an all-time high of $5.2 billion.
BitTorrent Token (BTT), the native token of the widely used peer-to-peer file-sharing protocol BitTorrent, has increased by approximately 30% in the last 24 hours.
The rally increased BTT’s worth to more than $5.2 billion, ranking it as the 24th most expensive cryptocurrency by market capitalisation. What’s more, the token’s worth has more than tenfold risen in the last two months.
Is there any catalyst behind the BTT rally?
To date, there hasn’t been a strong underlying spark behind the BTT rally. Nonetheless, the token has shown good technical traction after it soared by nearly 120 percent in a week in mid-March.
Since then, the amount of BTT has slowly risen, allowing it to gain traction as it reached its all-time record.
However, multiple factors may have lifted the price of BTT in recent days, including staking on Poloniex, Tron creator Justin Sun’s high-profile acquisitions of NFTs, and increasing sentiment on social media.
Poloniex, a cryptocurrency exchange purchased by a group of buyers led by Sun, declared BTT staking on March 25.
Check it out 👇 https://t.co/6fmITUa6Mm
— Poloniex Exchange (@Poloniex) March 25, 2021
The staking announcement from Poloniex could have added to the buyer demand for BitTorrent Token because users can earn rewards by buying and staking BTT. The exchange said:
“With Poloniex staking, customers earn rewards while maintaining the flexibility to trade, deposit, and withdraw at all times. Along with this flexibility, customers can continue to earn staking rewards right up to the moment they decide to trade their funds into a different asset.”
Additionally, BitTorrent has been pushing the narrative of Sun buying high-profile NFTs as of late.
On March 29, BitTorrent tweeted:
“Justin Sun announced the official establishment of the #JUST NFT Fund and the Plan to hire a top tier artist as the chief NFT advisor of JUST #NFT Fund. Join us now in the marvelous adventure navigated by JUST #NFT!”
Given that BitTorrent Token is a part of the Tron ecosystem, the optimistic mood around NFTs and Sun’s emphasis on the NFT market may have influenced the valuation of BTT.
Social network sentiment is on the rise.
Finally, starting March 30, the daily sentiment score against tweet volume for BTT rose by 377 percent, just as the price of BTT started to climb.
As a result, the latest BTT all-time high seems to be the result of a technical breakout fueled not only by heavy social media traction, but also by the rebounding price of Bitcoin (BTC) and altcoins in general.
Bitcoin’s market share has slipped below 60%, while overall altcoin market capitalisation hit an all-time peak of $855 billion on March 31.
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