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The crypto market has been on a rollercoaster for a couple of years. Now that the domain is gaining stability, traders are turning their eyes to assets that can quickly produce massive profits.
BitTorrent or BTT is one such crypto that can help traders cover their losses quickly. Since its launch in 2019, BTT has been one of the most popular cryptocurrencies in the market. But with the coin trading 87% under its peak, traders have been wondering, “Is BitTorrent a good investment in 2023?”.
While BTT has yet to pick pace, let’s dig deeper to determine what the experts think.
Understanding BitTorrent Crypto
As a digital token, BTT entered the market in 2019 via an IEO (Initial Exchange Offering). However, BitTorrent has been a renowned decentralized file-sharing protocol ever since 2001.
BitTorrent launched BTT in two sales using Binance’s Launchpad. The first sale was done for users who paid via TRX, Tron’s native token. The second was done for users who paid using BNB, Binance’s native token.
BTT’s trading started in February 2021 and peaked in April at $0.013566. The TRC-20 utility token is compatible with almost every DeFi ecosystem and dApp in the market.
Historical Analysis of BTT
Since its listing on CoinMarketCap in 2019, BTTOLD traded at $0.0004 for a few days. A month later, the price jumped to $0.0011. The crypto continued with the bullish trend for a few months. The pattern peaked in April after the crypto reached $0.01426.
However, BTTOLD dropped a considerable value in Q3 2021, reaching a value of $0.001. It picked the pace back in October, reaching $0.0005. In December 2021, BTT was redenomination from a TRC10 token to a TRC 20 token, and both (old and new) tokens coexisted for some time to allow users to swap the old token with the new one when the price remained around $0.002824.
BitTorrent collaborated with Tron to launch BTTC (BitTorrent Chain) in 2021. The L2 scalability solution addressed Tron’s concurring issues, like NFTs, DeFi, and dApps.
BitTorrent (New) showed resilience at the start of 2022 due to the bearish trend. It started January at $0.000002757 while climbing to $0.000002344 in February. The coin had its all-time high of $0.000003054 soon after its launch in January 2023. The coin went $0.0000007703 in June while ending the year at $0.0000006387.
Now, the asset is trading at $0.0000003886 with limited signs of growth. BTT needs to find a stable resistance level where the crypto can stop until the market starts picking up pace.
Will BTT reach $10?
Even with the ongoing downward spiral of the crypto market, traders keep wondering, “Will BitTorrent coin reach $10 ?”. A quick look at an expert BTT prediction will show that the coin is expected to close out in 2023 at $0.00000101.
The coin reached its all-time high back in January 2022 at $0.000003054. Contrarily, its all-time low was hit in September 2023 at $0.0000003836.
For BTT to reach $10, the market must become significantly friendlier. The establishment of a favorable regulatory authority can be the catalyst to initiate this.
Crypto experts like Wallet Investor see BTT as a high-risk, high-reward crypto. BTT has the potential to break through its peak in a couple of years, but it can also plunge even lower.
Bitnation believes that BTT will reach a maximum price of $0.000001 after the market stabilizes. With the average expected price being $0.0000007092, traders can consider investing in BTT for a quick return.
Conclusion
The year has been a struggle for the crypto industry, given the lawsuits against the SEC and other concerns. The constant dip in the market even pushed BitTorrent crypto to reach its all-time low a couple of days ago.
BTT is currently trading at $0.0000003884, showing a 0.50% growth. Experts believe BitTorrent can break this cycle and close 2023 at $0.00000101. A quick turnaround from popular tokens like BTC and ETH can help the market, and BTT can make a comeback.