In this guide, we will voice our own and market’s opinion on BTT future while discussing Bittorrent price forecast for 2021 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like BTT.
Now, let’s head into it.
Before we delve deep into the Bittorrent price prediction and answer questions if Bittorrent is a good investment or not, why will BTT succeed or fail or why will BTT price rise or drop, let’s quickly throw a glance at what is Bittorrent and its to date history.
It’s been a while since we saw a token possess the market in a way BTT did. The hype created by Justin Sun, BitTorrent and Binance putting their names behind the project ultimately led to the thing’s entire ICO selling out in just 15 minutes (earning $7.2 million in the process).
BTT token is envisioned (and now already realized) as your average TRC-10 token, a TRON-based standard which allows BitTorrent users to offer their services in exchange for said tokens.
This standard is “lower” than the TRC-20, which has built-in smart contract capabilities. The token has a total supply of 990,000,000,000 units which will be divisible into smaller increments for additional liquidity (although one wonders how much more liquidity you need when you have almost a trillion tokens).
BTT’s main purpose is to incentivize BitTorrent protocol users to offer infrastructure services like file seeding and hosting in return for the token.
Our BTT Token Price Prediction for 2021
All crypto fans and holders have been enjoying the last couple of months of 2020 and the start of 2021. Bitcoin smashed all resistance levels and kept setting new all time highs. Then, a plethora of bearish factors converged in the first couple of weeks of May, the sentiment in the market changed and BTC dropped by almost 50% of its ATH.
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As always, it dragged the rest of the market down with it. Altcoins lost even more than that, ranging from 79-90% losses from their all time highs.
BTT is one of the projects that has high speculative value, meaning it quickly builds hype and attracts attention of unsophisticated newcomers into crypto space. For that reason, BTT and similar tokens do well in bull markets. However, as soon as the bear market ensues, these types of projects are first to see capital flight into safer and bigger projects and stablecoins. This leaves rookies with heavy bags of worthless tokens and even heavier bags of hopium that gets stirred by the project leaders and their proxies, tricking them into buying the dip and dumping even more tokens on them.
BTT also had spurts of dizzying price action where it outpaced bitcoin and was among top gainers in the whole market. This just goes to show that market is still inefficient in weeding out the worthless, shill & marketing projects, copycats and get-rich-quick schemers.
BTT pretty much checks all the boxes of a bad project (incompetent team, weak conceptual design and poor technological implementation, pushed by scammers and spammers, exploiting noobies, simulating activity, bribing their way into exchanges and media). The fact it still has the potential to draw in large number of dupable traders only serves as a reminder how greed beats reason 9 times out 10.
It is worth noting that this doesn’t mean that this or any other similar project won’t see a short-lived pump or even several such events. Just the contrary, these projects are ideal ground for whale manipulations as they’re still perceived to have some value so a pump always builds the hope up of anguished holders that their darling project is finally going for the moon.
So, if you’re here to gloat and rub it in, hold your horses – the price soar is most likely just another pump and dump which will make a lot of money to the already rich whales and leave you in the dust with a bag of coins that are even less worth than before.
Bittorrent Coin (BTT) Future Outlook
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will BTT be among those 5%?
BTT token creators hope that the promise of financial rewards will make more people seed the torrents they download.
The whole investment thesis for BTT is unconvincing. Most people who download torrents do so through publicly available swarms. These people simply don’t have to care about their upload/download ratios and therefore don’t have an incentive to seed more.
Additionally, TRON’s blockchain simply wouldn’t be able to handle the levels of throughput that come with a user base that BitTorrent has, around 100 million users.
Moreover, the torrenting scene, the one community that should be buzzing about this project, doesn’t seem to be interested in BTT at all. Torrenting forums make barely any mentions of the project and most experienced members of these communities will tell you that they love the Bittorent protocol, but at the same time despise the company behind it (due to a history of misguided and almost malicious behavior).
The interest for the most part seems to be coming from the cryptocurrency world, which suggests that there aren’t many fundamentals for BTT to lean on.
Most people who are promoting this token are closely tied to the cryptocurrency scene and are considered as “influencers” more than anything else.
That being said, we have to consider the involvement of Justin Sun and Changpeng Zhao (of Binance fame) in this entire project.
Both of them are known in the blockchain community for taking part in some highly sketchy activities that likely robbed many crypto investors off their money. Sun in particular is someone who falls under the “influencer” tag much better than the one of a “developer” and this is a stick people often use to beat him with. The way both of them hyped the BTT token up without addressing the negatives it clearly has doesn’t give us belief that their latest project won’t end up as a failure.
All of this summed up means one thing: BTT might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Market prediction for Bittorrent Token – BTT Price 2021
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the BTT price, which will give us another point of view to consider:
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins. According to them, BTT is expected to hover around $0.0026 per token in one year.
Trading beasts is bullish on Bittorrent token and forecasts that BTT can climb a quantum level higher over the current value to $0.004 within a year.
Digitalcoinprice gave a highly optimistic prediction saying that by 2021 end, BTT might be worth two times more than now – around $0.0045 per token.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com