BitTorrent crypto is a decentralized peer-to-peer torrent platform that was released in 2001. Later it was purchased by TRON in 2018.
After the acquisition, it has added many features and tools. In 2019, a native coin, BTT, was launched on the TRON network using TRC 10 protocol, and it aims to be the largest decentralized P2P protocol in the world.
It was founded by Bram Cohen, an entrepreneur and developer popular in the cryptocurrency industry. He wants to change the entertainment industry with a decentralized model. It has faced many legal battles and later ensured that users cannot share music and movies, breaking the copyright laws.
In 2018, BitTorrent expanded to a wide range of global users offering more facilities and better speed. It also offers several ‘premium’ facilities, including VPN and ad-free browsing.
At the time of writing, the BTT was trading around $0.00000113, which has broken the support level and is now falling downwards. Last week, it broke the support of $0.000001578. It seems like a story of LUNA.
Most of the technical indicators are down, reflecting a bearish momentum in the market. If you are planning to grab this momentum opportunity into profit or investment, before that, you should check BitTorrent price prediction to know the future of the coin.
On the daily chart, it seems like it will take support at around $0.00000107, but it is tough to predict how long it will sustain the level. That is why you should not invest for the short term in BTT until the market becomes less volatile.
Due to the high inflation, supply chain issues, and unrest in Eastern Europe, cryptocurrencies are the worst victims of the global scenario. The stock market is also down, but a central authority regulates it.
The largest cryptocurrencies, Bitcoin and Ethereum, are also down this week. Besides that, the incident of Terra losing all its value within a few days added fear to retail investors’ minds.
We think it may continue throughout this year (if not next year), so you should not invest in cryptocurrencies for the short term.
