BitTorrent token defies market uncertainty; BTT posts 22-week high BitTorrent token defies market uncertainty; BTT posts 22-week high
BitTorrent spikes 9.8% over the last 24 hours, spurred by positive fundamental developments.
2 min read
Updated: Apr. 20, 2023 at 4:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
BitTorrent (BTT) spiked as high as $0.00000090 to mark a 22-week high for the file-sharing token – leading the top 100 in the process.
A sharp sell-off on Wednesday saw crypto prices tumble, leading to general uncertainty today. However, BitTorrent bucked broader market sentiment to post 9.8% gains over the last 24 hours at the time of press.
The chart below shows April 19’s daily candle unable to hold onto the gains – retracing significantly from the $0.00000090 local top, closing the day at $0.00000070.
Lower time frames show, over the course of April 20, BTT rose as high as $0.00000080 on two occasions – only to be rejected both times, leaving another long top wick.
The Relative Strength Index (RSI) hit just shy of 70 – the threshold for overbought territory – before printing a sharp dip downwards – suggesting waning momentum.
Low volume accompanying the move higher was noted – suggesting an absence of sellers rather than strong buy pressure driving the move higher.
The token hit an all-time high of $0.00000343 in January 2022 – the current price is approximately 80% down from this price.
Fundamental developments
Decentralized exchange Mdex announced BitTorrent support from April 24 onwards.
Participants in the “feedback activity” can win a share of the $180,000 reward. This involves using Mdex, such as briding tokens or adding and staking to liquidity pools.
In addition, BitTorrent recently called on developers to submit their dApps and websites for deployment on Awesome BTFS (BitTorrent File System).
“Unlock your website’s potential with Awesome BTFS! It connects you to a vast audience and boosting traffic to amplify your impact.“
The company described the technology as “the next generation decentralized file storage system build for web 3.0 Applications.” It uses multichain peer-to-peer networks and smart contracts for scalable, low-cost data storage.
Several websites have already signed up, including Yam Finance and Uniswap V3, as well as Tron-affiliated sites such as SunSwap and TRONScan.
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years.