Black_background_logo_BitcoinWorld-removebg-preview
BitTorrent Token (BTT) Price Doubles Amid Tron Blockchain Optimism
Blockchain News Latest News News

BitTorrent Token (BTT) Price Doubles Amid Tron Blockchain Optimism

The BitTorrent (BTT) token soared more than double in value on Wednesday, seemingly due to optimism surrounding the Tron blockchain. BTT is issued on the Tron blockchain, which recently reached 200 million users. 

There appears to be no specific news catalyst for the price increase. This surge coincides with an uptick in the broader crypto market, with bitcoin (BTC) and ether (ETH) reaching 19-month highs.

The BTT price increase came shortly after an X (formerly Twitter) post by Tron founder Justin Sun, who announced that the blockchain had reached the 200-million-user milestone. 

Sun stated that this achievement is not only significant but also a testament to the growing ecosystem. 

See Also: The Price Of Dogecoin Drops After Elon Musk Denies xAI Fundraising

Tron currently has $8.2 billion in total value locked (TVL) across DeFi protocols, making it the second-largest blockchain after Ethereum in terms of users and TVL, a measure of how much user money is invested in a given crypto ecosystem.

BitTorrent now has a market cap of $958 million, and its daily trading volume increased by 540% to $256 million. 

However, it is worth noting that the 2% market depth remains relatively low, with $150,000 and $191,000 on either side of the order book. Market depth is a metric that assesses the amount of liquidity required to move the price of an asset by a certain percentage.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.