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Justin Sun’s BitTorrent (BTT) token formed a god candle on Thursday after hitting a major milestone. The token surged to a high of $0.0000011, its highest point since January 8th and 50% above its lowest point this week.
BTT supply in JustLend hits $10 million
It is unclear why the BTT token price jumped. However, a likely reason is that the total supply of BTT in JustLend has crossed the important milestone of $10 million. The supply APY has jumped to 10.16% while the borrow APY stood at 9,61%.
According to the website, there are now over 2,560 suppliers and 105 borrowers. Further data shows that the total borrow in the platform has risen to over $2.15 million.
There are other important milestones in the BitTorrent ecosystem is that the number of users in the ecosystem has been in an uptrend. The number of miners has risen to over 7.94 million while super miners stands at 6.2 million.
Meanwhile, the number of BTT wallet accounts has continued rising and currently stands at over 429 million. Most importantly, the number of transactions in the ecosystem has been growing rapidly in the past few months. Total transactions jumped by over 191 million on Wednesday.
BitTorrent token’s technical catalyst
These numbers mean that BitTorrent Chain is doing well, which explains why the BTT token has jumped. The other reason is based on technicals. On the daily chart below, we see that the token formed a double-bottom pattern at $0.00000077 this month. This pattern is one of the most important bullish signs in the market.
Before forming this double-bottom pattern, BTT token had formed a falling wedge pattern, which I have indicated in purple. Again, this pattern is one of the most bullish signs in the market. The bullish breakout happened when the wedge pattern was nearing the confluence pattern.
BTT price chart
It is worth noting that BTT is not the only Justin Sun-associated asset that is soaring. Tron price has jumped to the highest point since November 2022. Its correlation with Bitcoin has waned as its ecosystem booms. JustLend itself has become the fourth-biggest player in DeFi with over $6.3 billion in total assets. Tron has also become the second-biggest player in the DeFi industry after Ethereum.
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