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BitTorrent soars 30% to new all-time high, $5B market cap: What’s behind the rally?

The price of BTT, the native token of BitTorrent, hit a new all-time high to reach a $5.2 billion valuation.
BitTorrent (BTT), the native token of the popular peer-to-peer file-sharing protocol BitTorrent, has surged nearly 30% in the past 24 hours.The rally took the valuation of BTT to over $5.2 billion, making it the 24th most valuable cryptocurrency by market capitalization. What’s more impressive, the token’s value has increased more than ten-fold in the past two months. BTT/USDT 4-hour price chart (Binance). Source: TradingView.comIs there any catalyst behind the BTT rally?There has been no clear fundamental catalyst behind the BTT rally to date. Nevertheless, the token has demonstrated strong technical momentum since it spiked by nearly 120% within a week in mid-March.Since then, the volume of BTT has continuously increased, causing it to garner more momentum as it surged past its all-time high.Several factors could have boosted BTT in the past several days, however, namely staking on Poloniex, TRON founder Justin Sun’s high-profile purchases of NFTs, and rising sentiment on social media. On March 25, Poloniex Exchange, which was acquired by a consortium of buyers which included Justin Sun, which Cointelegraph previously reported, announced staking on exchange with BTT.#Staking on #Poloniex gives you a simplified way to earn rewards by depositing and holding assets in your account!Earn staking rewards for:$ATOM$BTT$TRX$WIN$TENDCheck it out https://t.co/6fmITUa6Mm— Poloniex Exchange (@Poloniex) March 25, 2021
The staking announcement from Poloniex could have added to the buyer demand …
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