Saturday, July 20, 2019

BitTorrent Token Soars beyond Expectation within 24 Hours of First Trades

Long awaited altcoin, BitTorrent token has surprised many by exceeding a trading volume of $83.5 million in just its first day of trading.

Continued Success

BitTorrent, one of the most popular decentralized torrent platforms was acquired by TRON last year in a slew of mild barbs and grunts from unsatisfied parties. The project and its management have not looked back since then, however, pressing on leveraging the popularity of BitTorrent to continue its vision of mass adoption and a decentralized internet.

The company’s token sale last year was a tremendous sale—what you expect from one of the greatest salesmen in the crypto industry, Justin Sun — after completely selling off in less than fifteen minutes. The new milestone made by BitTorrent just affirms people’s high hopes on the new token.

Within the first 24 hours of its launch, the token (BTT) had already traded at 4.18x in USD, 4.32x in ETH, and 4.23x in BTC, according to data from ICO drops.

Wading the Storm

On the back of TRON’s purchase of BitTorrent last year, TRON’s blockchain power came under the microscope once again after an ex-employee of BitTorrent who was let go after the acquisition claimed TRON’s projects were basically based on talks and empty bluffs. Simon Morris, who had been the Chief Strategy Officer (CSO) of the company before being laid off claimed that TRON was more focused on marketing than efficiency. He notably gave his caustic assessment then:

“It was very clear when I was [at BitTorrent] that there was no way the transaction capacity of Tron would [work]. The transactional capacity we [were] looking at was needing hundreds of transactions a second just to get started. It’s simply not there. You hear all the bullshit out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt Tron. Literally destroy it.”

TRON is, however, wading the storm and proving it is on the verge of something great and serious.  The new token, according to one of the biggest exchanges in the world—and the only one to have listed BTT yet—BTT has just about traded three times the volume of its closest pair on the list, XRP/BTC, which is currently trading at $28.2 million. By jumping 35 per cent in price to almost $0.0005, the token now has a market capitalization of $44.4 million.

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