BitTorrent token (BTT) has rallied sharply in the last 24 hours, gaining almost 20% to hit multi-month highs. The move extends the altcoin’s powerful performance over the past month, which has seen BTT gain as much as 210%.
Source: CoinStats – Start using it today
Driving the latest leg higher is a surge in trading volumes, which have doubled in the last 24 hours to over $400 million, according to CoinMarketCap data. Volumes are heavily concentrated on the leading spot exchange, Binance, which accounts for almost a third of total BTT trades.
While the exact catalyst behind this week’s breakout remains unclear, there is speculation it relates to recent adoption milestones on the native TRON blockchain network, which acquired BitTorrent back in 2018.
Earlier this month, TRON announced that total accounts across its platform had surpassed 200 million. The heavy user growth underscores expanding utility and underscores why TRX transaction volumes often outpace other major blockchains.
As TRON pushes to new highs on its milestone, there may be a ‘trickle down’ effect buoying associated tokens like BitTorrent within the broader TRON ecosystem.
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If demand for decentralized file sharing and torrent services also continues to gain momentum, BitTorrent remains uniquely positioned to capture resurgent interest on the back of TRON’s blockchain integration push.
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