BitTorrent Token (BTT)’s Price Spikes 900% Since Its ICO
The BitTorrent Token (BTT) initial coin offering (ICO) ended a week ago and was hailed as a success by both Binance and Tron (TRX).
The BTT token is currently trading on nine active markets, including on leading cryptocurrency exchanges Binance, UpBit, OKEx, and KuCoin.
The token’s current trading price is already six times higher than its ICO price, with its value rising double figures against both BTC and TRX.
During the token sale, a total of 59.8 billion BTT tokens, worth about $7.2 million, were sold through Binance Launchpad. Each BTT unit sold at $0.00012, the token sale information Binance provided showed.
At the moment, the token is trading at $0.001157 against the U.S. dollar. It has surged by about 63 percent in the last 24 hours alone against USD, with similar spikes against BTC and TRX of 61 percent and 57 percent respectively.
BTT’s spike to the current price represents an increase of 964 percent achieved in the one week since its ICO on January 28.
At the time of writing, CoinMarketCap ranks BTT as the fourth highest gainer in the last 24 hours. It is also the best performing token among those recently added to the trading market.
The token’s trading volume over the last 24 hours is $581 million, up from about $357 million traded on February 4. UpBit and Binance account for over 90 percent of the volume, with BTT/KRW the most traded pair at over $255 million at the time of writing.
The token’s good introduction on the market follows the ICO sale that ended minutes after it opened, with several users complaining that they had been locked out.
Binance CEO Changpeng Zhao acknowledged that there had been some technical issues that meant some users could not complete the purchase.
However, the exchange and Tron agreed to have an airdrop of BTT to all qualified users who had been unable to take part in the ICO, with each getting airdropped 5,000 tokens.
The BitTorrent token sale followed Tron’s acquisition of file-sharing platform BitTorrent last year. It also came weeks after Tron announced the creation of a new cryptocurrency intended at integrating the file-sharing tech with Tron’s blockchain.
Despite attracting criticism and leading to some staff quitting, Justin Sun’s acquisition of Tron and the subsequent launch of the token appears to be going according to plan.
The wider cryptocurrency market continues to grapple with the bear conditions, making BTT’s great short-term performance an outlier. While BTT’s seven-day return since its ICO is nearly 1000 percent, the same cannot be said of the leading cryptocurrencies.
For instance, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) have all gained less than 10 percent over the past seven days. The best performing top-ten crypto at the moment according to CoinMarketCap is Litecoin (LTC) with 10.82 percent over the same period.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.