BitTorrent Token (BTT) Surges Ahead of uTorrent Integration; How High Can It Go?
BitTorrent Token (BTT) is on track to become one of the world’s largest cryptocurrencies following a successful test run on the popular uTorrent client, setting the stage for a bigger rally once full integration is achieved. Unlike its peers, BTT has fully reversed the Friday flash crash and is back to trading at record highs.
The BTT price catapulted higher on Saturday, gaining nearly 31% to $0.00105, according to CoinMarketCap. It was up 28.5% against bitcoin and 26% versus Tron (TRX).
More than $230 million worth of BTT traded hands on Saturday, based on the latest reported figures. There are more than 212.1 billion BTT in circulation based on a total supply of 990 billion. Binance processes nearly a third of BTT trades.
Since launching earlier this year, BTT has a dollar-denominated return on investment of 9x. At current values, BitTorrent Token has a total market capitalization of $223.4 million, placing it 39th among active cryptocurrencies.
How is the rest of the crypto market performing Saturday? Find out: Bitcoin Crawls Back Some of Its Brutal Correction as Weekend Rally Begins.
BitTorrent Token will become a top-30 cryptocurrency by the end of the second quarter following the successful integration of the BTT wallet and token on uTorrent, a popular file-sharing client, according to Tron founder Justin Sun. In an interview with Bitcoin magazine, Sun said the BTT wallet and token have already been tested on the uTorrent platform and will be fully operational before the end of June.
BitTorrent released a stable version of its uTorrent Web back in September. Just one month later, it achieved more than one million daily active users.
Sun acquired BitTorrent last summer for something like $140 million. The acquisition fulfilled the Tron prophecy after BitTorrent was referenced eight times in the blockchain startup’s original whitepaper. Although many doubted the integration of BitTorrent within the Tron network, the acquisition boosted Sun’s credibility almost instantly.
But not everyone believes the Tron network can handle BitTorrent. Back in January, BitTorrent’s former chief strategy officer Simon Morris said BTT would “melt” Tron’s infrastructure. In an interview with BreakerMag, Morris said:
“It was very clear when I was [at BitTorrent] that there was no way the transaction capacity of Tron would [work]. The transactional capacity we [were] looking at was needing hundreds of transactions a second just to get started. It’s simply not there. You hear all the bullshit out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt Tron. Literally destroy it.”
Sun’s team recently completed its fourth airdrop of BTT. Airdrops have been scheduled each month until February 2025, with the amount distributed increasing on a yearly basis.
If BitTorrent Token does crack the top-30, its market cap will likely increase to more than $300 million. If the crypto rally continues to heat up, a top-30 ranking could be worth substantially more, which means new highs for the BTT price.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.