BitTorrent: Down, But Not Out...
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What Is BitTorrent (BTTUSD)?
BitTorrent captured the hearts of many music and movie enthusiasts in the early 2000s when it launched software that facilitated file sharing over a peer-to-peer network. Rather than downloading or uploading files to a single server, users joined a network of computers running a software enabling them to exchange files and data with each other.
But in the years since, BitTorrent struggled to monetize its massively popular service. To that end, BitTorrent was acquired by the Tron Foundation, creators of the Tron blockchain, in 2019. The new ownership then introduced a BitTorrent token cryptocurrency, BTT, to help expand its protocol and incentivize the network’s participants.
With BTT token, the BitTorrent team hopes to add incentives to torrenting and solve issues such as slow download speed and the diminishing availability of files over time. As such, BTT coin is bought and spent by those who request files or wish to increase their download speed, while providers have to receive and sell BTT in order to be compensated for sharing the files on their systems.
BTT Statistics:
Technical Setup:
What Is BitTorrent (BTTUSD)?
BitTorrent captured the hearts of many music and movie enthusiasts in the early 2000s when it launched software that facilitated file sharing over a peer-to-peer network. Rather than downloading or uploading files to a single server, users joined a network of computers running a software enabling them to exchange files and data with each other.
But in the years since, BitTorrent struggled to monetize its massively popular service. To that end, BitTorrent was acquired by the Tron Foundation, creators of the Tron blockchain, in 2019. The new ownership then introduced a BitTorrent token cryptocurrency, BTT, to help expand its protocol and incentivize the network’s participants.
With BTT token, the BitTorrent team hopes to add incentives to torrenting and solve issues such as slow download speed and the diminishing availability of files over time. As such, BTT coin is bought and spent by those who request files or wish to increase their download speed, while providers have to receive and sell BTT in order to be compensated for sharing the files on their systems.
BTT Statistics:
- Market Capitalization: 5.4B
- CryptoAsset Rank: #27
- 24-Hour Return: +1.75%
- 7-Day Return: -14%
- From All-Time High: -43%
Technical Setup:
- After going parabolic in late March and early April, BTT has retraced nearly -43% from its all-time high set on April 5. Despite falling from grace, the technical setup suggests that BTT is not necessarily down for the count.
- Currently, BTT appears to be forming a bull flag pattern that could lead to a breakout this week. Assuming the BTT breaks to the upside and history repeats, we could see BTT enter back into "price discovery mode."
- If we use BTT's most recent parabolic move, extrapolate off from the flag's apex, and assume history repeats to an absolute T, we'll get an implied price target of $0.0168; this equates to a +108% gain from current price.
- Should the flag's support ($0.00755) fail to hold, we could see BTT retrace an incremental -32% down to the next local support level ($0.0056).
- For now, we'll have to keep a close eye on whether BTT breaks up or breaks down for further confirmation of where BTT is likely to trend next.
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