Founded by Bram Cohen, the Bittorent (BTT) crypto is dubbed as a popular peer-to-peer (P2P) platform that allows the users to seamlessly share files through the BitTorrent protocol. While the traditional file storage is considered to be highly centralised and costly, the BTT offers a decentralised manner, which has no third-party involvement and is cost-effective.
By offering an alternative to file storage, the protocol managed to allow the users to download files from the Internet and convert them into a specific file, which is known as torrent file. While uploading, the users use the seeding that allows the files to be transferred to multiple parties. This is largely utilised by the entertainment industries or firms to transfer files to its users for consumption.
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The developers are drawn towards BTT tokens due to the rewards, which they get for using a protocol called the DLive. DLive is considered to be one of the largest live streaming communities that is present on any blockchain network.
The BTT token has been seeing a fantastic Monday as it was amongst the few top 100 cryptos which was seeing green. At the time of drafting, it was rallying by 1.71% within the past 24 hours and seven-week high by 2.52%.
Reason for rally?
BTT token has been rallying on the back of the news of Binance completing its seventh round of APENFT (NFT) Airdrop Distribution to tokens such as BTT, Tron, WINkLink etc. The Binance users can take advantage of this airdrop by confirming the receipt of this distribution and upon that they will be eligible of approximately 2000 BTT tokens.
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This has created a significant amount of activity not just for BTT but also on Binance exchange. The San Francisco-based firm in 2021 was one of the top movers within the cryptocurrency platform by banking a significant percentage of the world’s Internet traffic.
Is BTT token worth investing in?
BTT token is ranked 54 and was trading at $0.002679 with a trading volume of US $24,024,815 in the past 24 hours. The Binance airdrop has definitely created some much-needed interest in the token as the live market cap stood at US$2,623,692,037 and a 990,000,000,000 BTT coins in circulation.
The BTT token is in green because it had seen a huge sell-off when the market was in the bearish phase in May to July 2021. The token once again showed a resurgence in September and since then it had covered up few losses.
How BTT performs in 2022 will much depend on how soon the entire crypto market can claw its way back to the bullish phase. Market experts too feel that it can be one of the dominant players within the P2P networks.
