BitTorrent stijgt 30% naar nieuw recordniveau, $5B marktkapitalisatie: Wat zit er achter de rally??

BitTorrent (BTT), the native token of the popular peer-to-peer file-sharing protocol BitTorrent, is bijna gestegen 30% vroeger 24 uren.

The rally took the valuation of BTT to over $5.2 miljard, 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). Bron:

Is there any catalyst behind the BTT rally?

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

Sindsdien, 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, echter, namely staking on Poloniex, TRON founder Justin Sun’s high-profile purchases of NFTs, and rising sentiment on social media.

Op maart 25, Poloniex Exchange, which was acquired by a consortium of buyers which included Justin Sun, which Cointelegraph previously reported, announced staking on exchange with BTT.

The staking announcement from Poloniex could have added to the buyer demand for BTT because users could earn rewards by buying and staking BTT. The exchange said:

With Poloniex staking, customers earn rewards while maintaining the flexibility to trade, storting, and withdraw at all times. Along with this flexibility, customers can continue to earn staking rewards right up to the moment they decide to trade their funds into a different asset.

Bovendien, BitTorrent has been pushing the narrative of Sun buying high-profile NFTs as of late.

Op maart 29, BitTorrent tweeted:

Justin Sun announced the official establishment of the #JUST NFT Fund and the Plan to hire a top tier artist as the chief NFT advisor of JUST #NFT Fund. Join us now in the marvelous adventure navigated by JUST #NFT!”

Considering that BTT is a part of the Tron ecosystem, the positive sentiment around NFTs and the focus of Sun on the NFT market may have had a positive effect on the value of BTT.

Social media sentiment spikes

Tenslotte, the daily sentiment score versus the tweet volume of BTT surged by 377% beginning March 30, right before the price of BTT began to rally.

BTT daily sentiment score vs. tweet volume. Bron: De stropdas

Dus, the new BTT all-time high appears to be the result of a technical breakout, not only driven by strong social media momentum, but also the rebounding price of Bitcoin as well as altcoins across the board.

Zoals CoinTelegraph meldde, Bitcoin’s market dominance has dropped below 60% while the total market capitalization of altcoins has reached a new all-time high of $855 miljard in maart 31.

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Bron: CoinTelegraph

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