Markets Cool on TRON (TRX) and BitTorrent (BTT) Despite Launch of BTFS
The testnet launch of BFTS (BitTorrent File System) by Justin Sun and the TRON team went largely unnoticed by market participants on Thursday.
The BFTS is a BitTorrent branded version of IFPS (InterPlanetary File System) – a torrent-like system where fragments of files are stored in a decentralized manner across a network of computers.
Both TRX and BTT underwent relatively large pumps at the end of last week, when TRON CEO Justin Sun announced an upcoming… announcement. Sun posted a June 1st deadline for the arrival of whatever news he was intending to break. If this is it, then once again the hype proves to have been more valuable than the event.
TRON and BitTorrent Launch BTFS
An official press release from the TRON team details the launch of BTFS, which according to the roadmap is now in testnet phase. However, a Q3 2019 launch date has been touted for the mainnet launch – perhaps this is Sun’s June 1st revelation?
As per the launch notes, Justin Sun said:
“BTFS is a continuing step in our mission to create a decentralized internet that allows everyone to share in the wealth of web commerce. We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”
In short, BFTS appears to be the fruition of Sun’s plans to integrate BitTorrent Token into a file-sharing network. That said, the roadmap says this integration won’t be completed on a technical level until Q1 2020.
The press release notes that existing TRON dApps will be hosted on BFTS, including two which sound very much like movie streaming tools:
“Preliminary developer tools will be available and a few outstanding popular dApps built by the community will be running on the platform, including the upcoming TronMovie and BitTorrent Pix.”
TRON Price – TRX/USD
TRX gained around 10% last week when Sun engaged in announception. On Thursday in the hours after the file system launch, the effect was lessened. TRX/USD did gain as much as 4.7% over the course of the day, but struggled to stay above the $0.34 range at which it opened.
The coin’s $1 billion trade volume on CMC can be legitimately questioned. OpenMarketCap, while not an absolute authority, says real volume is closer to $69 million.
Despite a lack of sustained interest on the day, TRX is now over 200% better off than this time six months ago, and is up more than 75% for the previous quarter.
BitTorrent Token Price – BTT/USD
BTT did benefit from the BFTS news – it just happened to be four days before it was revealed. After notching up 26% gains last Sunday, BTT’s value remained mostly stable on Thursday. From the daily opener of $0.001697, BTT stumbled and eventually gave away 1.7%, falling to $0.001667.
The token posted volume as high as $227 million according to CoinMarketCap. Further exemplifying the confusion created by Binance’s ‘enthusiastic’ volume reporting, OpenMarketCap shows BTT as the 12th most traded cryptocurrency in the world, with $72 million changing hands.
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. Charts via CoinMarketCap.