Blockchain and crypto technology is becoming more developed, bringing numerous options, for example, BTT is a protocol for p2p file exchange. The project recently saw a huge BTT token price surge. Read our BTT Price Prediction to decide if it was a one-time rollercoaster or a strong bullish tendency.
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BitTorrent Fundamental Analysis
BTT is a TRC-10 utility token implemented on the TRON blockchain that powers the most popular decentralized protocols and applications. The asset is used to power a number of dApps including BitTorrent Speed, BitTorrent File system, DLive, etc.
The project was originally created in 2001 by Bram Cohen but was bought by TRON blockchain in 2018 and got its own native BTT token after a year in 2019. As of now, BitTorrent is still considered to be the biggest decentralized P2P communication protocol. The initial idea of creating the project was to unload the entertainment industry that got overloaded with the data and became slow and cluttered.
Despite the fact that the technology has seen a lot of criticism for pirating, Cohen replies that nothing illegal is happening as the users just exchange the content between themselves. And as Bram Cohen thinks exchange of the information, in this case, should be fast and convenient. It also offers premium options such as VPN, no ad browsing, etc.
BitTorrent Speed is a downloading client like uTorrent but with advanced options, in particular, downloaders will be able to offer tokens to the uploader to improve download speed. So the uploaders will get a possibility to earn the assets and will be motivated to seed the file longer. All the earned assets are stored in the integrated wallet.
BitTorrent File System is a protocol and network implementation that offers a peer-to-peer mechanism of uploading and downloading digital content in a decentralized filing system. It is mainly utilized by the developers of dApps. But the main idea of BTT is to create a limitless world where the exchange of content is easy and fast.
Once BTT goes on mainnet old TRC-10 coins will be replaced with TRC-20.
BitTorrent Live Price Chart
BTT token performed as one of the most active tokens of the crypto space. On April 5 on the wave of the crypto market uptrend, it reached an all-time high of $0.0142. This attracted even more attention to the asset from the developers, crypto enthusiasts, and investors.
But then the price started to drop steadily and the market was following bearish trends till the end of July. At the time the token started to stabilize its value and even reached $.00049 on September 5.
The next months were full of updates, for instance, at the beginning of October the test network launch was announced and that influenced the price to grow a little. But by the end of the month, the gains were lost and the token went back to its support position of $0.00035.
After the launch date was announced on the 6th of December, BTT token price skyrocketed and its market cap grew from $2.2 billion to $3.1 billion in a matter of hours. And the token price after a few hours stabilized at the level of $0.00289.
Despite the price not being very stable, analysts expect that the token will grow in the next year.