BitTorrent (BTT), the native token of the favored peer-to-peer file-sharing protocol BitTorrent, has surged practically 30% prior to now 24 hours.
The rally took the valuation of BTT to over $5.2 billion, making it the 24th most useful cryptocurrency by market capitalization. What’s extra spectacular, the token’s worth has elevated greater than ten-fold prior to now two months.
Is there any catalyst behind the BTT rally?
There was no clear elementary catalyst behind the BTT rally to this point. However, the token has demonstrated robust technical momentum because it spiked by practically 120% inside per week in mid-March.
Since then, the quantity of BTT has constantly elevated, inflicting it to garner extra momentum because it surged previous its all-time excessive.
A number of elements might have boosted BTT prior to now a number of days, nevertheless, particularly staking on Poloniex, TRON founder Justin Solar’s high-profile purchases of NFTs, and rising sentiment on social media.
On March 25, Poloniex Alternate, which was acquired by a consortium of patrons which included Justin Solar, which Cointelegraph beforehand reported, introduced staking on trade with BTT.
Test it out https://t.co/6fmITUa6Mm
— Poloniex Alternate (@Poloniex) March 25, 2021
The staking announcement from Poloniex might have added to the customer demand for BTT as a result of customers might earn rewards by shopping for and staking BTT. The trade said:
“With Poloniex staking, clients earn rewards whereas sustaining the pliability to commerce, deposit, and withdraw always. Together with this flexibility, clients can proceed to earn staking rewards proper up to date they resolve to commerce their funds into a special asset.”
Moreover, BitTorrent has been pushing the narrative of Solar shopping for high-profile NFTs as of late.
On March 29, BitTorrent tweeted:
“Justin Solar introduced the official institution of the #JUST NFT Fund and the Plan to rent a high tier artist because the chief NFT advisor of JUST #NFT Fund. Be part of us now within the marvelous journey navigated by JUST #NFT!”
Contemplating that BTT is part of the Tron ecosystem, the constructive sentiment round NFTs and the main focus of Solar on the NFT market might have had a constructive impact on the worth of BTT.
Social media sentiment spikes
Lastly, the each day sentiment rating versus the tweet quantity of BTT surged by 377% starting March 30, proper earlier than the value of BTT started to rally.
Thus, the brand new BTT all-time excessive seems to be the results of a technical breakout, not solely pushed by robust social media momentum, but additionally the rebounding value of Bitcoin in addition to altcoins throughout the board.
As Cointelegraph reported, Bitcoin’s market dominance has dropped beneath 60% whereas the overall market capitalization of altcoins has reached a brand new all-time excessive of $855 billion on March 31.