BitTorrent’s BTT token has experienced a sharp rise in value, climbing 16% over the past 24 hours and registering a 14% increase over the last week.
At the time of writing, BTT is up by 7% in the past day, trading at $0.00000091. This performance has pushed its market capitalization to $889 million, positioning it as the 78th largest cryptocurrency. Daily trading volume has also surged, soaring by 793% to reach $133.6 million.
The token’s recent surge is largely attributed to a significant milestone achieved by the Tron blockchain, where BTT is issued. Tron’s founder, Justin Sun, highlighted the achievement in an X post, sharing data from Token Terminal, which revealed that Tron generated ten times more transaction fees than Bitcoin in August. This news has fueled a bullish sentiment around BTT.
“Everything is just beginning. Don’t fight the numbers,” Sun stated, reinforcing the optimism surrounding Tron and its associated tokens.
BitTorrent’s price action currently shows a bullish trend. On the 1D STRK/USDT chart, BTT is approaching $0.0000009136, testing the upper Bollinger Band. The Relative Strength Index (RSI) sits at 61, indicating further growth potential before entering overbought territory.
The token recently bounced from a key support level at $0.0000007456, and the increase in trading volume suggests rising market interest. Traders are watching closely as BTT approaches its next resistance level at $0.0000009866. A break above this could push the price higher, possibly testing the psychological barrier of $0.0000010000. However, if resistance holds, consolidation or a retest of lower support levels could occur.
Market participants are advised to monitor the $0.0000007456 support level closely, as a drop below this point could signal a downtrend for BTT.
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