BTT, the native token of the BitTorrent ecosystem, has gained more than 4% in value today. It is now on track to surpass its 50-day moving average shortly.
After losing about $100 billion in the last 24 hours, the cryptocurrency market now has a value of more than $2.2 trillion. Bitcoin has fallen below the $50,000 mark once again. On the otherhand, Ether is struggling to hold on to its $3,600 support level.
4% Rise Last Week
BTT has gained more than 4% in value during the last 24 hours alone. BTT is the native token of the BitTorrent ecosystem Even though the broader cryptocurrency market is now underperforming, the surge continues. BTT was trading at $0.0029 per token at the time of publication.
BitTorrent is a software that connects parties who wish to access its network to compute file-sharing requests and distribute them. Its native token, BTT, is a TRC-10 utility token based on the Tron blockchain and is used for various purposes.
Although Tron, the blockchain project led by Justin Sun, acquired BitTorrent in 2018 for a total of around $126 million, the company has made no significant modifications to the way the BitTorrent service operates.
While BTT is currently on the rise, TRX, the native token of the Tron network, is now lagging behind the market. TRX is presently trading at $0.0785, representing a loss of 1.26 percent over the last 24 hours.
Because of the cryptocurrency’s recent success, the BTT/USD daily chart shows bullishness. The technical indicators indicate that BTT’s performance is improving, and the token’s price may rise in the coming hours due to this improvement.
Even though BTT is still trading below its 50-day moving average of $0.0031, it is likely to overcome that level in the near future if the market conditions continue unchanged.