BitTorrent’s BTT Token Sees Strong Price Surge with a 16% Jump in the Last 24 Hours

BitTorrent’s BTT Token Sees Strong Price Surge with a 16% Jump in the Last 24 Hours

BitTorrent’s native token, BTT, has experienced a significant rise in value, climbing by 16% over the past 24 hours and recording a nearly 14% gain throughout the last week.

At the time of writing, BTT has increased by 7% in the last day, currently trading at $0.00000091. This recent surge has boosted the token’s market capitalization to $889 million, positioning it as the 78th largest cryptocurrency by market cap. Additionally, BTT’s daily trading volume has soared by an impressive 793% over the past day, reaching $133.6 million.

One of the driving factors behind this price rally is a milestone achieved by Tron, the blockchain that issues the BTT token. Justin Sun, the founder of Tron, recently highlighted a report from Token Terminal, an on-chain data platform, showing that Tron generated ten times more fees than Bitcoin in August. This development has likely fueled the bullish sentiment surrounding BTT.

“Everything is just beginning. Don’t fight the numbers,” Sun stated, reinforcing the optimistic outlook for both Tron and BTT.

Sun’s comments, combined with Tron’s impressive performance, have undeniably contributed to the recent wave of positivity for BTT, underscoring how key network milestones and influential figures can significantly affect the price of crypto assets.

In terms of price action, BTT is nearing $0.0000009136 on the 1D STRK/USDT chart, where it is testing the upper Bollinger Band. The Relative Strength Index (RSI) currently sits at 61, indicating a bullish trend, with further upside potential before the token approaches overbought conditions.

After bouncing from its support level at $0.0000007456, the sharp increase in trading volume points to strong market interest.

For traders, the key support level of $0.0000007456 remains critical. If the price dips below this level, BTT could face a return to a bearish trend. On the other hand, a break above the resistance level of $0.0000009866 may push the token higher, potentially reaching the psychological milestone of $0.0000010000. If resistance holds, we could see a consolidation period or a retest of lower support levels.