JP Buntinx | The Merkle
Now that all eligible TRX owners have received their BitTorrent Token, it seems there is a new market trend shaping up. Following some strong gains the BitTorrent Token price has now reached a value of $0.001102. A very impressive feat of strength, although not everyone sees merit in this token.
BitTorrent Token Price Frenzy Kicks off
Under most circumstances, a token which is airdropped to thousands of people will usually be dumped at any price on the open market. With BTT, those expectations were somewhat the same, primarily because it was issued to TRX holders across all exchanges. Interestingly enough, it would appear the demand for BTT is picking up, rather than seeing the price collapse entirely. That can still happen in the days to come, though.
Over the past 24 hours, there has been a notable BitTorrent Token price increase. A 27% gain in USD and BTC value is nothing to sneeze at. For now, the currency has yet to surpass the 30 Satoshi level in a convincing manner, but the buy support on Binance is stacking up quickly. There is also a 30% gain in TRX value, which will be of even greater interest to most users.
On social media, the opinions regarding BTT are somewhat divided. That is only normal, as the hype surrounding this token is seemingly off the charts. CryptoNate wouldn’t mind seeing all of the shilling calm down a bit. It may take a while until that happens, especially if this uptrend were to be resumed for several days in a row. Anything remains possible, but shilling hasn’t done any currency any good.
Not touching #BTT until the shills cool out lol
— CryptoNate (@Natedakid21) February 12, 2019
What is rather interesting is how so many people are excited about BTT reaching a new all-time high in the past 36 hours While it seems a bit odd to talk about such terms for a token which has only been around for 12 hours, it is evident there is some merit to this statement as well. A new all-time high will seemingly not happen anytime soon, though, as the bearish pressure is mounting.
— Bustin Jieber (@BustinJ74027175) February 12, 2019
When looking at the actual BitTorrent Token chart, it is evident there has been a strong push a few days ago, which will not necessarily be mirrored later today. A push to 37 Satoshi would be quite a development for this young token, although Bitcoin’s value has risen significantly as well. Given the hefty supply of BTT, no one should expect any miracles right away.
— 【KJ】投資系勉強中 (@bitcoin_renaiw) February 12, 2019
All things considered, this price action will keep people engaged for some time. Especially those who managed to buy in very cheap late last week will be cashing out profits fairly soon. That doesn’t mean they will destroy all buy support in the process, as some very big buy orders are going through which are not on the order book. An amusing market worth keeping an eye on, although chasing the top is ill-advised.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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