Why are BTT and XRP soaring right now?

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Today, two altcoins in particular have been on the rise, with investor sentiment representing increasingly bullish trends. BitTorrent (BTT), a utility token based on the Tron blockchain, and Ripple’s native crypto XRP have increased by 22.8 percent and 38.1 percent, respectively, in the last 24 hours.

BTT was trading at $0.01235 at the time of publication, having reached an all-time high of $0.01356 about 16 hours earlier. In the meantime, XRP was trading at $0.912. According to coinmarketcap, XRP is now the fifth largest crypto asset by market cap, ranking above common alts such as ADA, DOT, and LINK.

The root cause of the XRP price spike may be Ripple’s new proposals to create a “financially inclusive and prosperous future.” This outlook was recently expressed by the group in a blog post that outlined how the initiative could collaborate with “mission-driven financial technology firms, leading universities, NGOs, foundations, and social entrepreneurs.” In particular, to achieve “greater economic justice and opportunity for all.”

Ripple recently announced the purchase of a 40% stake in Tranglo, Asia’s cross-border payments specialist. The growth affected the XRP market positively.

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The price of XRP has risen by 38% in the last 24 hours, to $0.87, the highest level since early May 2018.

The XRP rally has been a significant factor in increasing market cap for the entire altcoin market, which now stands at over $2 trillion for the first time.

Other than XRP price recovery, BTT prices have begun rallying again after a two-day 81% surge late last month.

The BitTorrent File System changes, which were revealed on April 4th, may be one of the main explanations for the upward trend. Among the several changes were accelerated “increase BTFS network decentralisation,” the completion of “repair mode,” and a continuing “challenge mode.”

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