The price of BTT, BitTorrent’s native token, has reached a new all-time high of $5.2 billion.
Bitcoin-based file-sharing protocol BitTorrent’s native currency, BitTorrent Token (BTT), sees a 30% rise in value in the previous 24 hours.
The gain increased BTT’s valuation to more than $5.2 billion, making it the 24th-most valuable cryptocurrency by market capitalization. What’s more, the token’s value has surged more than tenfold in just two months.
Is BTT Rally Justified?
So far, there hasn’t been a clear fundamental driver driving the BTT surge. Nonetheless, the coin has shown tremendous technical momentum since it surged by roughly 120 percent in a week in mid-March.
Since then, the volume of BTT has steadily climbed, enabling it to gain momentum as it surpassed its all-time high.
However, other factors could have bolstered the price of BTT in recent days, including staking on Poloniex. Tron creator Justin Sun’s high-profile purchases of NFTs, and growing sentiment on social media.
Poloniex, the crypto exchange acquired by a consortium of buyers, including Sun, announced BTT was staking on March 25.
Poloniex’s staking release may increase buyer interest for BitTorrent Token because users can earn rewards by buying and staking BTT.
This allows users to trade, deposit, and withdraw funds at any time without penalty, according to the exchange. Also, users can keep earning staking rewards until they decide to switch assets.
Furthermore, BitTorrent has recently promoted the story of Sun purchasing high-profile NFTs.
In a tweet on March 29, BitTorrent stated that Justin Sun has officially announced the formation of the #JUST NFT Fund. As well as intentions to appoint a top-tier artist to serve as the fund’s senior NFT advisor. Come along with us on this incredible excursion, which will be guided by JUST #NFT!
Given that BitTorrent Token is a component of the Tron ecosystem, the positive attitude toward NFTs and Sun’s concentrate on the NFT market may have had a positive impact on the token’s value.
Rising Social Media
On March 30, right before BTT’s price began to surge considerably, the daily mood score for BTT increased by 377 percent.
Technically, this appears to be a breakthrough, supported by the rising price of Bitcoin (BTC) and other crypto-currencies.
According to Cointelegraph, Bitcoin’s market share has fallen below 60%, while the overall market valuation of altcoins hit $855 billion on March 31. Bitcoin’s market share is now below 60%.