Peer-to-peer (P2P) file sharing network BitTorrent became notorious for its use in online piracy when it launched in 2001. But since its acquisition in 2018 by TRON blockchain founder Justin Sun, it’s become focused on providing file storage for developers of decentralisation applications (dApps).
Its BTT cryptocurrency token was launched on the TRON blockchain in early 2019 and soared in value during the cryptocurrency rallies in 2021. But the price has been trending lower in recent months.
Does the price decline present a buying opportunity, or will it continue to trend lower? We look at the latest BTT news and price forecasts to help you better navigate the market.
BitTorrent launches new BTTC token
What is BTT? BitTorrent is one of the world’s largest P2P file-sharing networks, with more than 90 million active users and an installed base of more than 2 billion software clients. The protocol was invented by computer programmer Bram Cohen in 2001 to facilitate the transfer of large files between users without the need for a central server. Cohen left BitTorrent Inc. in 2017 to launch cryptocurrency startup Chia (XCH). When TRON acquired BitTorrent, the BTT utility token was introduced to incentivise transactions.
According to the project’s whitepaper: “The token and extended protocol will create a token-based economy for networking, bandwidth and storage usage.
BTT acts as a transaction mechanism for the use of computing resources shared between BitTorrent clients and provides liquidity for services in the ecosystem.
BitTorrent has traditionally seen structural inefficiency, as it is possible for users to complete file downloads before they have uploaded an equivalent volume. Once their downloads are completed there is no incentive for them to continue uploading. BitTorrent Speed was introduced as an extension to the BitTorrent and µTorrent download clients, which enables downloaders to pay uploaders in BTT tokens for faster download speeds. That gives uploaders the incentive to share files for longer and provide more bandwidth and storage to the network.
“Due to expected volume, direct use of the public TRON blockchain for all transactions is unfeasible. Therefore, BitTorrent Inc. will deploy an ‘on-chain/off-chain exchange.’ The exchange will enable the transfer of tokens between a high-performance private ledger and the public TRON blockchain,” according to its whitepaper.
As of 4 January, the number of wallet accounts on BitTorrent Speed exceeded 310 million.
A total supply of 990 billion BTT tokens was issued, distributed as follows:
6% for public sale
2% for private sale
9% for seed sale
10.1% for Tron airdrops over six years
10% for BitTorrent protocol airdrops
19% for the BitTorrent team and BitTorrent Foundation
20% for the TRON Foundation
19.9% for the BitTorrent ecosystem
4% for partnerships
On 12 December, the BitTorrent Chain (BTTC) mainnet went live. BTTC is a cross-chain interoperability protocol that uses the proof-of-stake (PoS) consensus mechanism for validating transactions and uses sidechains to scale smart contracts. It enables interoperability with the Ethereum, TRON and Binance Smart Chain (BSC) networks and plans to add support for more blockchains in the future.
The BTTC launch also involved redenominating the BTT Token. The previous BTT tokens were swapped with the new tokens at a ratio of 1:1,000 and the total supply was increased to 990 trillion, maintaining the current market capitalisation, which was around $2.45bn at the time of writing (12 January). The old tokens will remain in use for some time and have been renamed as BTTOLD.
The new BTT tokens have several uses in the BitTorrent Chain ecosystem:
becoming a BTTC network validator
staking to gain rewards
BTTC governance votes
paying gas fees
The BTTOLD tokens can still be used to pay fees for storing files in the BTFS system, BTFS mining and increasing downloads using BitTorrent Speed.
An upgrade of the BitTorrent File System (BTFS) went live on 7 January to support cross-chain connectivity and multi-channel payments to make it easier to use and applicable to more applications.
BTT price fails to hold gains
The BTT price moved higher in early December ahead of the BTTC mainnet launch, rising from a low of $0.002034 on 4 December to $0.004199 on 8 December. But the price has declined in the past month, falling to a low of $0.002355 on 10 January. At the time of writing (12 December), the coin was trading at $0.002551.
The BTT chart shows that the token saw its all-time high price of $0.01426 on 5 April, as the broader cryptocurrency markets rallied, having started 2021 at $0.0002885. But as the markets collapsed, BTT was unable to hold onto the 4,800% gain, dropping in value to $0.001895 on 20 July. While the broader markets staged a rally over the summer, peaking in September and reaching new all-time highs in November, BTT lagged and topped out at $0.005343 on 3 September.
What is the outlook for BTT in 2022? What do some of the latest price forecasts show?
BTT price prediction: Will the price rebound or fall further after the BTTC upgrade?
Short-term technical analysis for the BTT coin was bearish at the time of writing on 12 January, according to CoinCodex, with 16 indicators showing bearish signals and 13 indicators giving bullish signals. The service forecast that the BTT price could reach $0.002674 by 17 January, a nearly 5% gain from its current price.
For the long-term, the Bittorrent coin prediction from algorithm-based forecasting site Wallet Investor expected the price to trend higher over time, reaching $0.00526 by the end of the year. It projected that the price could rise further to $0.00824 by the end of 2023 and hit $0.0142 by the end of 2025.
DigitalCoin expected a slower upward trajectory in its Bittorrent price prediction, expecting the coin to average $0.00358316262 in 2022 and $0.00401288276 in 2023, averaging $0.00543202713 in 2025. Based on historical data, the site predicted BTT could average more than $0.01 in 2029, with an average price of $0.01099609966 and a peak at $0.01144862313.
Deep machine learning analysis from Price Prediction estimated that BTT could average $0.004 in 2022 and $0.005 in 2023, climbing to $0.011 in 2025 and $0.066 by 2030. With that trajectory, the BTT price would be unlikely to reach $1 by 2040.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
We recommend that you always do your own research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. And never invest more than you can afford to lose.
At the time of writing, some forecasts expected the BTT cryptocurrency to rise over the long-term. It’s important to keep in mind that cryptocurrency prices are highly volatile and difficult to predict. Forecasters can and do get their predictions wrong. You should do your own research to make informed trading decisions. Keep in mind that past performance is no guarantee of future returns.
Cryptocurrencies are highly volatile assets, making them high-risk investments. Whether BTT is a suitable fit for your investment portfolio depends on your personal circumstances and risk tolerance. You should evaluate the level of risk you are prepared to accept before investing and never invest money that you cannot afford to lose.
Among other factors, the future of the BTT coin will likely depend on the continued use of the BitTorrent client for file sharing, particularly BitTorrent Speed, as well as the use of the BitTorrent chain for decentralised applications.
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