The token of the famous file exchange protocol BitTorrent, is jumping with great force to the upside, only in the last 24 hours, BTT has been generating gains of more than 15%.
At the time of writing, the price of this token is $ 0.008733. Thanks to a market capitalization of $ 8.1 billion, it already ranks 19th among the largest in the crypto ecosystem.
BTT’s behavior never ceases to amaze us. So far this year its price has multiplied almost 30 times, and even with all that it shows no intention of backing down strongly.
In the weekly BTT vs USDT chart we clearly see increasingly higher lows and highs, indicating a strong parabolic uptrend in the medium term.
This week that is about to end is closing with great power to the upside, which is signifying the resumption of the trend. It is possible that the momentum can spread further, in no case is it a good idea to try to go against such momentum as the current one.
After the technical break of that historical maximum of $ 0.001865 reached in 2019, the price of BTT confirmed its new bullish cycle, sponsored by the general run of the market, so seeing higher gains should not be a surprise to anyone.
Weekly chart of BitTorrent (BTT) price vs. US Tether (USDT). Source: TradingView.
Several factors may have been driving the price of BitTorrent (BTT)
Even though there is no single determining factor behind the rise of BitTorrent’s BTT token, it appears that several small catalysts may be promoting positivism.
Recently the exchange Poloniex announced the staking of BTT, with which users can deposit their coins and earn rewards, which may undoubtedly be promoting the demand for the token.
Another factor that may be driving the rally is the high-profile purchases of NFT that the Tron founder plans to start making. Because BitTorrent is part of the Tron ecosystem, the announcement may be having a positive effect on the price.
And as the last catalyst we find the increase in activity on social networks where reference is made to BTT. The volume of tweets where the token is named increased almost 400% since the end of March.
BTT tweet volume vs. daily sentiment score around cryptocurrency. Source: The Tie.
A small correction may be on the way
Although I am talking about all the positive, logically we cannot see a rise in a straight line towards the moon.
Today we see how the BitTorrent price is rising with great force to the upside, creating a momentum of the short-term trend that by now is quite developed.
There are already 7 days in which the price has kept rising constantly. Not for this reason the correction should start right now; however, with each extension of the momentum the probability that a pullback will begin increases.
In any case, a fall at this time should not be a concern, as it will only be the product of healthy profit-taking and the search for demand from those who wait for better prices to enter the market.
All our publications are informative in nature, so in no case should they be followed as investment advice.
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