BitTorrent’s BTT token has seen a significant uptick in price, posting a 16% jump in the past 24 hours and an almost 14% gain over the last week.
As of writing, BitTorrent (BTT) is up by 7% in the past day and is trading at $0.00000091. This recent performance has pushed its market cap to $889 million, placing it as the 78th largest cryptocurrency by market cap. Additionally, BitTorrent’s daily trading volume has skyrocketed by 793% over the past day, reaching $133.6 million.
The significant uptick in BTT’s value can be attributed to a milestone achieved by Tron, the blockchain on which the BTT token is issued. Justin Sun, the founder of Tron, shared an X post from the onchain data platform Token Terminal, which revealed that Tron generated ten times more fees than Bitcoin in August, an achievement that has likely contributed to the bullish sentiment surrounding BTT.
“Everything is just beginning. Don’t fight the numbers,” said Sun.
His remarks and Tron’s performance have undoubtedly contributed to the current bullish sentiment surrounding BTT, showcasing the impact of key network milestones and influential figures on crypto asset prices.
Looking at BitTorrent’s price activity, the token is currently nearing $0.0000009136 on the 1D STRK/USDT chart, testing the upper Bollinger Band. The Relative Strength Index is currently at 61, suggesting that the token is experiencing a bullish trend with potential for further growth before it enters overbought territory.
Following a bounce from its support level at $0.0000007456, the increased trading volume suggests a robust interest from the market.
For traders keeping an eye on potential movements, the key support at $0.0000007456 remains critical. Should the price fall below this point, BTT might slip back into a downtrend.
Conversely, a break above the resistance at $0.0000009866 could propel the token to higher levels, potentially testing the psychological threshold of $0.0000010000. Moreover, If resistance holds, we might see a period of consolidation or a retest of lower support levels.
