BitTorrent (BTT), the product of file-sharing platform BitTorrent, which was acquired by Tron in 2018, witnessed its price more than doubling today.
BTT price is trading at $0.000001015 at the time of writing this article.
This increase in price comes amid growing optimism about the Tron blockchain, despite there being no obvious news catalyst for the price increase. The price started to rise with the announcement made by Justin Sun that the number of users of the Tron blockchain exceeded 200 million.
“This is not only a major milestone, but also a testament to our growing ecosystem,” Sun said.
In his post, Sun also acknowledged the contributions of Tether and its developers:
“34,500,061 users on Tron currently hold USDT, representing 17.2% of all our users. 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 use of USDT and other stablecoins and further consolidate our position in the market.”
Tron currently has $8.2 billion in total value locked (TVL) across DeFi protocols, making TRX the second-largest blockchain after Ethereum in terms of users and TVL, which is a measure of how much user money is invested in a given cryptocurrency ecosystem.
Following the price increase, BitTorrent now has a market cap of $958 million. Daily transaction volume also increased significantly, increasing by 540% to $256 million. However, it is worth noting that the market depth of 2% remains relatively low, with only $150,000 and $191,000 available on either side of the order book.
*This is not investment advice.
