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BitTorrent (BTT): Positive air on the cryptocurrency future

source-logo  en.cryptonomist.ch 11 May 2021 13:10, UTC

An air of positivity is returning to BitTorrent (BTT) thanks to the token’s performance and the project’s recent deals, which seem to promise an explosive trend. 

BitTorrent (BTT) is the cryptocurrency born in 2018 and developed on Tron’s blockchain as a TRC-10 token, but it is also the famous project born in 2001 of file sharing on the web. 

In the middle of last month, it had recorded a new price record that represented 2000% more than the previous three months. All this, following the general trend of cryptocurrencies with smaller numbers recorded, such as BTC, which only did a +200%. 

This same performance had induced in the same period also Nasdaq to declare that BitTorrent is the potentially explosive project in 2021.

Not only that, yesterday on the official Twitter account, the BitTorrent team confirmed that they have found solutions to the problem of invalid keys of BitTorrent Pro and that the optimisation test of the BitTorrent File Sharing System (BTFS) technology has been completed.

📢LAST WEEK IN #BitTorrent
✅@OfficialDLive hosted its annual Star Wars Day Event, #MayThe4thOnDLive.
✅We're rolling out a fix for the issue with invalid BitTorrent Pro keys.
✅#BTFS Optimize node synchronization mode – testing completedhttps://t.co/W8LbhU2QK2

— BitTorrent Inc.🅣 (@BitTorrent) May 10, 2021

This news reinforces the agreements already signed between BitTorrent and other projects, such as ColdStack, a decentralised data storage company, and a cloud aggregator. 

The idea of Coldstack’s technology, using BTFS, is to allow anyone to store and retrieve their data in different cloud storage systems while also helping to tokenise any file and keep it secure in the cloud. Not only that but it can also be sold as an NFT (or Non-Fungible Token)

In practice, as early as April 2021, BitTorrent had over 100 million monthly active users (MAUs), and its BTFS technology enables desktop smart contract creation and decentralised file sharing. 

BTT price forecasts

It isn’t easy to make future predictions about the price of a cryptocurrency in general. Still, by following the performance and value of the BTT token, it is perhaps possible to spot the trend. 

In fact, over the past month, the price of BTT has maintained an average of $0.0075 between lows of $0.005 and $0.01, increasing by 2500% over the previous year. Its market capitalisation is over 4 billion, and its dominance in the cryptocurrency market is around 0.18%. 

These numbers are still a bit too low for a blockchain protocol and technology with 100 million monthly active users, which confirms a still underestimation of the project, especially if you calculate Tron’s blockchain base, compared to its main competitor Ethereum. 

For this very reason, if this underestimation were to be considered, then it is possible that the project, which is constantly being updated, could receive more appreciation over time and record the long-awaited positive trend. 

Linked to BTT, of course, is Tron, which has dropped into the top 25 cryptocurrencies by market capitalisation given the new competitor tokens. Despite this, yesterday, the CEO of Tron and BitTorrent, Justin Sun, published an all-time high on the daily figure of 260,000 new accounts for Tron. 

#Tron network is fastest growing network another ATH for Daily new accounts 260 000 for 24h pic.twitter.com/QYol7AK62a

— Crypto Petrov (@musicdj_mp) May 11, 2021