The price of BitTorrent token rallied 103% in the past seven days to reach a new all-time high of $0.003902, according to data from CoinMarketCap.
What Happened: The majority of the coin’s sudden surge in price took place over the weekend, as the past two days alone accounted for a price surge of 80%.
BitTorrent is a peer-to-peer (P2P) file sharing and torrent platform that was first created in 2001. In 2018, it was purchased by the blockchain platform Tron for $120 million, and a dedicated native cryptocurrency, BTT, was launched on the Tron blockchain.
BTT has a maximum supply of 990 billion tokens, of which 19% of its total supply has been allocated to the BitTorrent team, and 20% lies with the Tron Foundation.
Why It Matters: Unlike most cryptocurrency tokens that are built on top of the Ethereum’s token standard called “ERC-20”, BitTorrent’s BTT token is a “TRC-20” token utilizing the token standard of the Tron blockchain.
BTT is utilized by service providers to distribute content and by users to pay for decentralized storage services.
Since its launch, BTT has largely traded sideways and did not witness any significant price movements except for a brief pump following a call from Reddit community r/SatoshiStreetBets to “pump the coin’s price.”
This week’s price surge is likely to have been fuelled by large holders influencing the direction of BTT’s price movement.
While most traders took profits at this level, some are still holding their tokens in anticipation of an impending token burn leading to another bullish rally.
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