BTT price marks a near 132% rally as Justin Sun’s Tron achieves 200 million users
- BTT price breaches the $0.00000100 mark, rising by 87% on Wednesday.
- Tron founder Justin Sun celebrates 200 million users on the network, triggering the price rise.
- BTT, the native token of BitTorrent, is a Tron-based token, making it highly susceptible to influence from Sun.
BTT price is a prime example of how the crypto market is highly influenced by people, and Justin Sun is one of the biggest names in this space. Despite being known primarily for the creation of Tron, his name is attached to multiple other major projects, one of which is BitTorrent, which is seeing the effects of the connection it shares with Sun.
Justin Sun’s Tron hits new milestone
Justin Sun, in a tweet on Wednesday, celebrated the achievement of the Tron network reaching 200 million users. He extended the congratulations to USDT issuer Tether as well for being the most used asset on-chain. Sun noted that almost 34.5 million users, or about 17.2% of all Tron users, presently hold USDT.
I firmly believe that the future of Tron hinges on four fundamental pillars: decentralization, compliance, communication, and institutional engagement.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) December 6, 2023
He went on to discuss the impact of stablecoins on the network, saying,
“This is not only a significant milestone but also a testament to our growing ecosystem. I am confident that we will continue to increase the usage of USDT and other stablecoins, further solidifying our position in the market.”
Interestingly, this did not trigger a rise in the price of Tron’s native token, TRX. Instead, BTT price shot up by more than 100% during the day. BTT is the native asset of BitTorrent, a company purchased by Tron in 2018. BTT was launched as a TRC-10 standard token on the Tron blockchain a year later.
BTT price surprises the market
While 2023 has seen multiple coins mark astonishing single-day rallies, few have managed to exceed 100% in 24 hours. BTT price, trading at 0.00000094, did so during the intra-day trading hours when the altcoin shot up by more than 132%. This enabled the BitTorrent token to breach the 0.00000100 mark as well, which had not been touched since August 2022.
BTT/USD 1-day chart
However, this rally did not last for long as BTT price came crashing down, settling at 88% above the opening price. Furthermore, the rally was not running on empty speculation as the trading volume of the asset also increased by 1,001%, reaching $316 million. This represents nearly one-third of the market capitalization of BitTorrent.
BTT price will certainly witness corrections going forward, which is simply due to profit booking. Thus, investors should watch the market for these signs before jumping in and witnessing potential losses.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
