BitTorrent soars 30% to new all-time high, $5B market cap: What’s behind the rally?

BitTorrent (BTT), the native token of the popular peer-to-peer file-sharing protocol BitTorrent, has surged nearly 30% in the past 24 hours.

The rally took the valuation of BTT to over $5.2 billion, making it the 24th most valuable cryptocurrency by market capitalization. What’s more impressive, the token’s value has increased more than ten-fold in the past two months. 

BTT/USDT 4-hour price chart (Binance). Source: TradingView.com

Is there any catalyst behind the BTT rally?

There has been no clear fundamental catalyst behind the BTT rally to date. Nevertheless, the token has demonstrated strong technical momentum since it spiked by nearly 120% within a week in mid-March.

Since then, the volume of BTT has continuously increased, causing it to garner more momentum as it surged past its all-time high.

Several factors could have boosted BTT in the past several days, however, namely staking on Poloniex, TRON founder Justin Sun’s high-profile purchases of NFTs, and rising sentiment on social media.

On March 25, Poloniex Exchange,Title: BitTorrent soars 30% to new all-time high, $5B market cap: What’s behind the rally?
Sourced From: cointelegraph.com/news/bittorrent-soars-30-to-new-all-time-high-5b-market-cap-what-s-behind-the-rally
Published Date: Wed, 31 Mar 2021 17:45:18 +0100