Bittorrent (BTT) Price Analysis: Glued At The Bottom, Not Looking Good

BTT, currently the 54th largest cryptocurrency with the total market value of $88 million, has lost 1.12% in the last 24 hours and about 0.2% since the beginning of the day. The coin has been in a prolonged bear mode since July and no reversal seems to be on the horizon.

BTT has been losing a battle with BTC in the last month being down by 21%. What is even more worrisome is the huge discrepancy in the real and reported trading volume – real being around $1 million while reported is almost 9x that at $9 million – data by messari.io. Recent delisting of BTT/BTC pair by Binance is a further proof that BTT failed to live up to the hype.

BitTorrent’s BTT, launched by the crypto celebrity and highly polarizing Justin Sun, was Binance’s first IEO. It was wildly popular, netting around $7 million in only 15 minutes. More knowledgeable crypto insiders predicted the failure from the outset and with this Binance axe, BTT seems to be one of the bigger flops in a sea of crypto failures, flops and scams.

It is still listed on Bitfinex, Bittrex and Huobi so let’s throw a glance on the charts to see the impact and future implications of this delisting blow.

BTFS launch

As reported by Decrypt, BitTorrent File System (BTFS) launched its mainnet, as announced by Justin Sun, CEO of decentralized blockchain gaming platform Tron. 

BTFS lets BitTorrent users upload, transfer, download, and store files on other people’s computers using a peer-to-peer network. Think Google Drive meets The Pirate Bay. 

The token is however, yet to be integrated in the ecosystem. Bittorrent is not the only project with this use case, as Filecoin started its testnet last week, marking a race on moment for both platforms. There are also similar projects like Sia and Storj, that are also in the works since 2016.

BTTBTC

The chart looks depressing. BTT has nosedived since the summer, hovering around 5 satoshis, more than 4x less than it was worth only 4 months ago.

All indicators and patterns indicate further value loss. Only a big market wide swoop might give it some power and lift it back up in the 10+ satoshis per token range.

Total market cap analysis

Just like in the days before, the overall market is still glued below the resistance level of $219 billions (data by Tradingview). We need to gain momentum to test this zone before any significant bull run is to be expected.

Here is a guide about BTT and this one is on long term BTT prediction.

What can give an impetus for a move up? Right now, no fundamentals of significant magnitude are on the horizon and the only thing that could prop the market up is either whale manipulation or another round of Tether printing.

The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 37 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.

Latest Crypto Fear & Greed Index
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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

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

2 Comments
  1. Your article has a lot of false information and is very misleading. First of all, BTT was not delisted from Binance, only the BTC pair was – which only had an average of 5BTC daily trading volume equaling to ~40,000USD as of this writing. You can still trade BTT on Binance with USDT, TUSD, USDC, PAX, TRX, and BNB. Further, where is your proof of the ‘real’ volume of 1 million? Coinmarketcap.com shows that BTT has been consistently top 30 when it comes to trading volume which is well over $50 million. The first part of your article already is false and a reader cannot trust the rest of your article. Please beware of this article and do your own research. This writer is clearly uneducated and is spreading fear, uncertainty, doubt (FUD) in the crypto community in regards to BTT which is thriving with all its product releases and constant updates.

    • The real trading volume is taken from messari.io. The article has been amended to add that info and to clarify the Binance delisting which you correctly spotted and called out – thank you.

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