Price Predictions

BitTorrent(BTT)/USDT Price Prediction: 28 January 2022

BTTC Technical Analysis

Overview

BitTorrent is a file transfer protocol that became very much popular among music and movie lovers as they were able to transfer over a peer-to-peer network. Instead of downloading or uploading files to a solitary server, the users joined a cluster of PC’s that executed software enabling them to exchange files and data with each other.

But unfortunately, BTT failed to monetize the network and hence was acquired by Justin Sun’s Tron Foundation in 2019. With the acquisition, the most popular BitTorrent(BTT) cryptocurrency came into existence with the only intention to expand its protocol and monetize the network’s participants.

The BTT crypto gained huge user attention during the 2021 rally with its gigantic surge of nearly 3000% in the first half of 2021. Woefully, the price drained gradually and currently resides over the levels very close to the initial levels that it possessed before the bull run. No doubt the situation is pretty scary, yet the asset is expected to manage the tremble situation very soon

What is BitTorent(BTT) In Brief?

BitTorrent is the brainchild of the developers Brad Cohen and David Harrison who founded the network in 200q for easy data transfers. Later when the Tron Foundation acquired the platform in 2018, the BTT token was introduced in the crypto space through an ICO. Nearly 6% of the BTT’s total supply worth approximately $7.2 million were sold. Additionally, the BitTorrent platform also allocated some tokens to the Tron foundation, Bittorrent Foundation, airdrops, partnerships and to the BitTorrent ecosystem. 

Utilizing the BTT token, the torrenting is incentivized to solve the issues related to the download speed and the availability of files. And the token plays a major role here as the users are required to buy and sell their BTT tokens to compensate for sharing of files on their systems. Currently, due to the current negative market sentiments, the BTT price had shed almost all its gains of 2021 as its residing over the important support zone. If the asset trembles a little, then the chances of a huge plunge are haunting the rally. 

How Does BitTorrent(BTT) Work?

At its core, the BTT token aims to combine the BitTorrent Protocol and the Tron technologies to build a strong peer-to-peer technology. The BTT is designed to serve an array of purposes for its users. Firstly, the BTT token runs on the Tron network which allows users to pay for high torrent download speeds. 

Usually, the files from the internet are downloaded from a single server, but here with BitTorrent, you can download pieces of that file from multiple users on the internet. The file which is being downloaded is called Torrent and the process of uploading & sharing the pieces of the file is called seeding. Moreover, the group of nodes who provide the file are called a swarm. The speed of the download is completely dependent on the no. of nodes within the swarm increases. 

 Additional Read: What is Metaverse? 

Will BTT Price Hit $0.01 in 2022?

Ever since its inception in the crypto space, the BTT price remained pretty much low-key, trending within very narrow regions. The first kick start of the bull rally led the BTT price on fire which continued to rally to as high as $0.0122 killing a couple of zeros in a very small time frame. Yet the next drop was also a gigantic one that squeezed more than 80% of the gains which indicated the exit of multiple whales from the platform. 

However, the price did attempt to sustain itself by constantly trying to halt the downtrend and consolidating at particular levels. But the fresh downturn that began in December 2021 diminished most of the gains and currently, the asset is hovering around the same levels that it traded before the 2021 bull rally. Moreover, it is testing one of the most crucial support levels and if it fails to sustain at these levels and rebound, then the price may undergo more deteriorating circumstances. 

The BTT price currently trading at $0.002266 may maintain the current narrow trend until the market witnesses some positive inputs. The Q1 2022 is said to be a consolidating one and hence the one way to keep the downtrend away is to consolidate healthily. The BTT price with the current pace may hit the levels around $0.005 to $0.0055. 

Yet if the crypto space turns extremely bullish with the Bitcoin prices again ranging high, then one can expect yet another minor bull rally. This may surely not uplift the price towards its ATH but may keep the support levels at some instant. Therefore the price may reach $0.007 by the end of 2022. However, if the bears get activated yet again, then the BTT price could hover around the same levels in between $0.002 to $0.004 levels.

Additional Read: BTT Technical Analysis 

Factors Impacting BTT Price Today

BTT Allocations

The total supply of the BTT token is well-distributed among the BitTorrent Foundation, Tron Ecosystem, BitTorrent ecosystem and airdrops. Therefore monetizing the entire ecosystem with the profits incurred by the tokens. 

The BTFS (BitTorrent File System)

It’s an application designed to provide a content addressable peer-to-peer mechanism for storing and sharing digital content in a decentralized network. BFTS can immediately obtain BTT by running a BFTS node 

BTT Transmission

BTT is a TRC-10 token built on the Tron blockchain and hence works without a TVM(Tron Virtual Machine) The transmission is much similar to that of TRX, where you need bandwidth to make transactions. 

Total Supply of BTT

The supply of BTT is around 990 billion which is programmed to get unlocked gradually until 2028 to avoid the huge influx of volume onto the market which impacts the price at the highest. 

BTT-The Native Token

The BTT crypto serves multiple features on the network aiming to become a central feature of the ecosystem. It is the only mode of payment that compensates for the sending and receiving costs. 

Decentralized Applications

The BTT network leverages Tron’s suite of smart contracts to create a variety of decentralized applications(DApps) like BitTorrent Speed, BitTorrent File System, etc.

Where & How to Buy BitTorrent(BTT) 

Purchasing BTT or any of your favorite cryptocurrencies is very simple here on CoinDCX. We are India’s most trusted brand when it comes to the trading of cryptocurrencies. To start your journey with CoinDCX just involves 3 easy steps,

  • Download the CoinDCX App on your smartphone
  • Register with the required details like your name, email-id, etc and the bank details
  • Once your bank details are verified, fund your wallet and purchase your desired token from a wide variety of options available

Simple!! Download the app and unlock the world of hassle-free, smooth trades with additional features at a very affordable cost. 


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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