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BytomDAO, the blockchain platform focused on the intersection of Web3 and artificial intelligence (AI), has struggled since breaking lower from highs of $0.01 in late June.
In the latest dump, BTM fell to lows of $0.007 on July 9, before a broader market surge saw it peak at $0.0088 on July 17.
While price currently hovers at this level, the BytomDAO (BTM) token is still well below its highest level this past month.
Struggling near $0.0086 also sees it below this week’s high. What’s the price outlook for Bytom as Bitcoin looks to strengthen above $67k?
Can BTM price benefit from positive Bitcoin price projections and the prevailing bullish sentiment for altcoins?
BTM bears keep price below key level
Bytom’s blockchain protocol is designed to leverage the technology to push the real-world assets (RWA) markets.
The market for the tokenization of warrants, securities, bonds and so on continues to grow, but Bytom lags the sector pacesetters such as Chainlink, Internet Computer, VeChain and Ondo Finance among others.
With a market cap of $15.8 billion at the time of writing, Bytom lags the top platforms in this space by a wide margin. While BTM price is up 2.8% in the past 24 hours, its down double digits this past month. Meanwhile, most of the RWA-related projects are trading higher.
Avalanche (AVAX), Chainlink (LINK) Internet Computer (ICP) and Ondo Finance (ONDO) are all showing more gains. CoinMarketCap shows these RWA-related assets are all green this past week. AVAX and ICP are 20% and 14% respectively up in this period.
New project Mantra (OM) has also surged double-digits in this time frame.
Meanwhile, Bytom’s performance over the same period currently sits at -12.7%. The current price is also 70 down in the past year and 99% down from the all-time high of $1.16 reached in April 2018.
Bears’ dominance is also visible by the fact that the last bull market only saw Bytom price rise to $0.25. The market has outperformed in 2024 with many coins reaching new highs, but it’s been a downtrend for BTM as bears remain resilient.
98% of BTM holders in loss
On-chain data for Bytom paints the picture of a network that sees almost no activity.
IntoTheBlock data suggests user engagement and growth have stalled, with the addresses count declining massively since the 2018 bear market.
Active Addresses, new addresses, and zero balance addresses are all metrics that spell bad news for Bytom. Although there are 25.85k addresses with a balance, the total count has also plateaued over the past six years.
Currently, 98% of these wallet addresses are in the loss at the prevailing BTM price.
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