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BitTorrent's BTT Token Doubles in Value as Tron, on Which It's Issued, Hits 200M Users
The token is now approaching a $1 billion market cap.
Updated Mar 8, 2024, 6:21 p.m. Published Dec 6, 2023, 5:27 p.m.
The BTT token from BitTorrent, the file-sharing platform that Tron bought in 2018, more than doubled in price on Wednesday amid apparent optimism about the Tron blockchain.
BTT is issued on the Tron blockchain, which just hit 200 million users. There appears to be no news catalyst for the price rise.
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The move comes alongside an uptick across the wider crypto market, with the likes of bitcoin [BTC] and ether [ETH] rising to 19-month highs.
BTT's surge came shortly after a post on X by Tron founder Justin Sun, who wrote that the blockchain had it the 200-million-user level. "This is not only a significant milestone but also a testament to our growing ecosystem," he said.
Tron also has $8.2 billion in total value locked (TVL) across DeFi protocols, making it the second-largest blockchain after Ethereum in terms of users and TVL, a measure of how much user money is invested in a given crypto ecosystem.
BitTorrent now has a market cap of $958 million. Daily trading volume, meanwhile, increased by 540% to $256 million, although it's worth noting that 2% market depth remains relatively low with $150,000 and $191,000 being placed on either side of the order book.
Market depth is a metric that assesses the amount of liquidity required to move the price of an asset by a certain percentage.
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