BitTorrent’s token (BTT) has increased in value up to more than 600 percent since the start of its initial coin offering (ICO) which quickly sold out according to the data we are looking into more in our altcoin news.
The data on CoinMarketCap shows that the token was sold in a matter of minutes. BitTorrent is a peer-to-peer torrent client that allows its users to download and distribute files over the internet and its TRON-based native token BTT was launched at the start of January 2019. BTT is a part of a much higher purpose to build a decentralized distribution platform for content using the native digital currency.
In late January, the BTT sale on the Binance Launchpad platform reached all of the major media news outlets netting about $7.1 million dollars by selling nearly 50 billion tokens in about 12 minutes. Justin Sun, the CEO of TRON announced that all of the 23.76 billion BTT was sold instantly at a price of $0.00012 per token. What’s important is the fact that the BitTorrent tokens were sold in two sessions, one for buyers using Binance’s native token Binance Coin (BNB) and the other for buyers using Tron (TRX). Each token was priced at $0.00012 according to the sales data published on Binance.
Currently, the BitTorrent token is trading at $0.000885 which is a 625 percent increase since the ICO and a stunning 47 percent over the past 24 hours. The trading volume of the BTT coin is around $360 million while its supply reaches 990 Billion BTT.
In the same time, the number one cryptocurrency Bitcoin has lost about three percent of its value and Ripple has gained about 3.5 percent. Ethereum, on the other hand, has increased by about 3 percent according to the data on CoinMarketCap.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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