BitTorrent peaked during May and succumbed to the market corrections subsequently. After the market corrections ended for the cryptocurrency, it could not show the bullish momentum earlier portrayed. The cryptocurrency has been on a large bearish trend as the year came to an end. However, the current price movements may indicate the onset of a strong price rally as BTT is gaining fast. At the time of writing, the cryptocurrency stands at a price level of $0.0030. the price of the cryptocurrency has increased by 12% during the daily timeframe while the weekly performance also shows a surge of 8%. The daily trading volume has had a phenomenal increase of 4,500%.
Recent developments to watch out for
BitTorrent started off the new year with a bang. The weekly report published by the network shows a lot of positive developments that could be contributing the current price surge. Currently, there are 11.71 million active accounts on the network with 54.19 million number of overall transactions. Out of the total transactions, 994,765 have been accounted for during the past week.
BitTorrent is also currently undergoing a denomination plan and around 19 billion BTTOLD have been burned up till now. The denomination plan is also expected to be supported by Bitthumb soon. The BTT community has also seen growth – with the Twitter community now over 590k.
The BTFS Scan is a new product of the network. It is essentially a data browsing and analysis platform for the decentralized storage BitTorrent File System BTFS. The BTFS Scan Testnet 2.0 went live during the past week. Under the new Testnet, the design and layout have been improved along with the hierarchical structure. The platform will also now display real-time data related to transactions. Moreover, the development team is not done yet and the Testnet 2.0.1 is already under works. The current and coming up interations of the platform may further propel the cryptocurrency upwards.
BitTorrent: Future outlook
BitTorrent is one of the most popular peer-to-peer platforms for file sharing and it is the largest decentralized P2P network. The network is undergoing a lot of major developments which gives it a bullish future outlook. According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $0.004 in a year’s time while the five-year projection places it at $0.008.
