As the BitTorrent token defies market uncertainty, BTT hit a 22-week high. Altcoin price has shown a strong increase in the past week, driven by positive fundamental developments.
This altcoin defies market uncertainty!
BitTorrent (BTT) soared as high as $0.00000090, tagging a 22-week high for the file-sharing token and leading the top 100 in the process. As you follow on Kriptokoin.com, the sharp selling wave on Wednesday caused cryptocurrencies prices to fall and a general uncertainty today. However, BitTorrent posted strong gains, surpassing the overall market sentiment. Crypto analyst Samual Wan comments on BTT’s technical indicators.
The chart below shows that the daily candle of April 19 failed to hold its gains. $0.00000090 closed the day at $0.00000070, retreating significantly from the local top. The lower timeframes show BTT twice as high as $0.00000080 during April 20. The altcoin price just declined both times, leaving another long upper wick.
The Relative Strength Index (RSI) showed waning momentum, reaching just below 70, the overbought zone threshold, before recording a sharp decline to the downside. The low volume accompanying the rise drew attention. This points to the absence of sellers rather than the strong buying pressure that triggered the rise.
BTT price chart / Source: TradingViewThe altcoin hit an all-time high of $0.00000343 in January 2022. The current price is about 80% lower than this ATH price.
Key developments for BitTorrent
Decentralized exchange Mdex announced support for BitTorrent starting April 24. Participants in the “feedback event” can earn a share of the $180,000 prize. This activity includes using Mdex for purposes such as briding tokens or adding and staking liquidity pools.
In addition, BitTorrent recently called on developers to submit their dApps and websites for distribution on Awesome BTFS (BitTorrent File System). In this context, “Unleash the potential of your website with Awesome BTFS! It connects you to a large audience and increases traffic to increase your influence.”
The company describes this technology as “a new generation decentralized file storage system developed for web 3.0 applications”. It uses multi-chain peer-to-peer networks and smart contracts for scalable, low-cost data storage. Many websites have already signed up, including Yam Finance and Uniswap V3, as well as Tron-affiliated sites like SunSwap and TRONScan.
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