The BitTorrent price has struggled lately. BTT is trading at $0.0053, which is about 60% below its all-time high of $0.01350. The coin’s market capitalization has slumped to just$3.6 billion and its ranking dropped to 46. A few months ago, BitTorrent was in the top 20 of the biggest cryptocurrencies in the world.
Established in 2004, BitTorrent grew to become one of the biggest decentralized companies in the world. The company’s flagship product allows people from around the world to download files from Torrenting websites like The Pirate Bay. This makes it one of the biggest assets in the world because of the popularity of these downloads.
In 2020, Justin Sun, the founder of Tron, acquired BitTorrent for $140 million. He then used the Tron Network to launch the BTT token. The company describes BTT as a “utility token based on the blockchain that powers features of the most popular decentralized protocols and applications in the world.” Sun is widely known for having paid $4.5 million to have lunch with Warren Buffett.
The total supply for BTT is 990 billion, Today, the number of tokens in circulation are more than 659 million. There are more than 4.4 million BitTorrent Token addresses. However, the ecosystem is yet to become popular among developers, who are interested in platforms like Ethereum and Solana.
BitTorrent Price Prediction
The daily chart shows that the BitTorrent price has been under pressure after it rose to an all-time high of $0.01350. A closer look shows that the coin was recently making a bullish flag that is shown in black. However, this pattern was invalidated when the currency declined below the 50% Fibonacci retracement level at $0.0068. This implies that bears are in control.
Further, the coin has already dropped below the 50-day exponential moving average and is currently attempting to move below the 100-day EMA. Therefore, at this stage, it seems like the bearish trend will continue since there is no sign of a recovery that is emerging.