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.
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.
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.
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.
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