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- 1 BTT coin has tripled the wealth of investors within a month
- 2 BitTorrent Chain was introduced to handle the growing number of BitTorrent users
BitTorrent, created in 2001 for online file-sharing, was acquired by Tron founder Justin Sun and integrated with the Tron blockchain network. It transformed the platform to incentivize users for file transfer and enable the storage of large files by developers of decentralized applications.
What is a BTT Token?
The BTT crypto token was created by BitTorrent when it migrated to the Tron blockchain. It was launched using the fungible token standard TRC-10 on Tron. BitTorrent underwent several upgrades to improve the speed of file sharing on its platform.
To address the issue of the Tron blockchain’s inability to handle the growing number of BitTorrent users, BitTorrent Chain (BTTC) was introduced. That also resulted in a redenomination of its native token. The new token is named BTT token, while the old tokens continue to circulate with the ticker BTTOLD.
Technical Analysis & Prediction of the BTT Coin Price
The main net of BitTorrent Chain was launched in December 2021, and the new BTT token started trading in open markets in January 2022. The token experienced a considerable price surge and rose from $0.000002393 to $0.000003054. However, after a few weeks, the price of BTT dropped, and it again rose to $0.000002332 in April 2022.
The performance of the BTT token was affected by the crypto market’s poor performances for the remaining year of 2022, and it remained steady with no particular gains or losses.
During the first week of this month, the price of the BTT token recorded a 132% rise within a few hours after trading sideways for more than a year. It went up from $0.0000005048 to $0.000001365 and crossed the $0.000001 mark.
At press time, the BTT token price is trading at the level of $0.00000123. The support zones for the BTT bulls are at $0.00000105 and $0.00000067.
There is an immediate resistance that was created during the early December surge, at $0.00000147. If the bulls can break through this level, then they are likely to go to the 2nd resistance level of $0.00000224. The RSI is coming down after touching the overbought levels.
The 50-day and the 150-day EMAs are about to make a bullish crossover. The price prediction as per the current scenario will be bullish as the investors have taken slight support to bounce up again.
Conclusion
BitTorrent was created in 2001 for online file-sharing. To address the issue of Tron blockchain’s inability to handle the growing number of platform users, BitTorrent Chain (BTTC) was introduced. The performance of BTT tokens was affected by the poor crypto market in 2022. The current price prediction is bullish.
Technical Levels
- Support Levels: $0.00000105 and $0.00000067
- Resistance Levels: $0.00000147 and $0.00000224
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.