The BitTorrent price is moving in a tight range as investors await the upcoming unveiling of the BitTorrent Chain. The BTT price is $0.00487, down about 8% from last week’s high. This price brings the total market cap to more than $3.2 billion.
BitTorrent Chain launch draws closer
BitTorrent is a leading technology company whose main product allows downloading and sharing files between users. The platform also offers other solutions such as media streaming and a file system.
BitTorrent is a relatively old company: It was founded back in 2004. A few years ago, it was acquired by Tron founder Justin Sun for $180 million. That paid off, as the BTT token is now valued at more than $3.2 billion.
The BTT price is moving sideways as investors wait for a presentation from Justin Sun. He is expected to introduce the BitTorrent Chain (BTTS). Although little is known about the project, there is a lot of speculation about it on social media. It could be a layer 2 and cross-chain scaling platform.
⏳3-day countdown before Livestream with @justinsuntron on BitTorrent Chain!
🧐Reveal the layer 2 scaling and cross-chain solution！
⏰Date: Sept 9, 22:00 SGT
– BitTorrent Inc.🅣 (@BitTorrent) September 6, 2021
Essentially, this platform will help developers scale their decentralized applications and make them interoperable across multiple chains. This is one of the fastest growing areas in the blockchain space. This is evidenced by Polygon’s strong performance, among other things.
Valued at more than $10 billion, Polygon is the largest Layer 2 project in the world. It is currently being used by platforms such as Aave and Curve Finance.
Therefore, there is a likelihood that the BitTorrent price will rise again due to the enthusiasm over the launch. In the process, Tron’s TRX coin could also rise. The new platform is likely to use its technology.
In addition, the price of BTT rose, as the total number of contracts on the BitTorrent File System (BTFS) network reached a new milestone of 54,000.
BitTorrent Price Forecast
The BitTorrent price formed a double bottom between May and July at $0.001860. Since then, it has risen more than 140% and is above its 25- and 50-day exponential moving averages (EMAs). The Relative Strength Index has also risen.
Price is still above the ascending trend line shown in black. It has also found some resistance at the 61.8% Fibonacci retracement level. The path of least resistance for the coin is therefore upwards, with the next important level at $0.0068.