BTT stands to gain from other cryptocurrencies’ increases.
Internet historians are probably familiar with the P2P file sharing platform BitTorrent (CCC: BTT-USD). They may not be as familiar with the BitTorrent cryptocurrency coin announced in 2019.
As we’ll see, BTT is a cheap digital asset. As a result, it may simply integrate into any crypto portfolio.
Don’t misunderstand. I do not advise anyone to stockpile significant amounts of BitTorrent coin. It’s far too volatile. So, even if you aren’t a big file-sharing fan, you can invest a little in this tiny coin.
Price Analysis
The BitTorrent bulls appear to be focused on breaking the penny barrier. They briefly succeeded in early April. A one-cent desire may be postponed, not shattered, in 2021.
BTT is expected to be worth around a cent this year, according to InvestorPlace writer Muslim Farooque.
Moreover, those analysts forecast an annual price increase until at least 2028. So, the bulls shouldn’t give up yet.
I can see why some traders could be discouraged, especially if they bought near the April 3 high when the BitTorrent token surpassed $1. The subsequent price crash was terrible. On June 8, BTT was trading around.4 cents.
Do you see an issue or an opportunity? If you’ve been waiting to buy BitTorrent tokens or are just learning about them, now is the time to do it. If you bought amid the frenzy, you might want to hold on and wait for a recovery, which may take time.
Bad Reputation for Big Business
San Francisco-based BitTorrent said that the largest decentralized P2P communications protocol for exchanging data and large files across the Internet.
The business also says that their protocol moves a considerable amount of the world’s Internet traffic every day.
My concern is the “significant percentage” claim. Because it’s not a specific number, there’s no way to verify or deny BitTorrent’s claim.
Still, I believe BitTorrent’s claim of over 100 million monthly active users. It is undeniably a significant and vital industry.
But size doesn’t always equate to reputation.
Institutional investors, central banks, hedge funds, and other big-money financial persons and entities are unlikely to use BitTorrent.
BitTorrent became the global file-sharing protocol in the early 2000s. A legitimate operational corporation has become synonymous with murky business tactics due to the deluge of piracy.
Reputation Can be Irrelevant
Farooque has a point. Concerns about piracy may deter potential investors from investing in BitTorrent.
That factor alone may deter some traders from buying BTT. The token’s price volatility is also a worry. But, if there is a broad-based cryptocurrency rally, none of this will matter.
Why did BitTorrent token prices soar earlier this year? It didn’t seem to be company-specific news. It’s also not a coincidence that the world’s most prominent cryptocurrencies all surged at the exact moment.
Just a tweet from Elon Musk or a surge of support on Reddit may do it. A rising tide raises all boats.
Conclusion
The BitTorrent token price rose and decreased. Still, it may be a better entry opportunity for novice investors.
There are hazards, and the company’s reputation may be harmed.
A global cryptocurrency rally will surely raise the BTT price, maybe breaking the one-cent barrier.
