The BitTorrent price has made a strong comeback after it tumbled to a multi-month low of $0.0018 in June. It is currently trading at $0.0052, which is about 185% above the lowest level in June. This values the BTT token at more than $3.1 billion, making it the 48th biggest coin in the world.
What is BitTorrent and how does it work?
BitTorrent is a relatively popular online platform that is mostly used by people to download torrent products. The company was started many years ago but it was acquired in 2018 by Justin Sun, the founder of Tron.
After the acquisition, Sun pivoted the company to become a leading blockchain technology. The pivot paid off as the market value of all BTT in circulation soared. Even the current $3.1 billion valuation is substantially higher than the $180 million that Sun acquired BitTorrent.
BitTorrent has more than 2 billion users globally and more than 100 million monthly active users. These users use the platform to mostly download content that is stored using a peer-to-peer network. On its website, the company said that the BitTorrent protocol is even used by companies like Netflix, Facebook, and Google.
BTT is the native token for the BitTorrent platform. Users are rewarded using BTT for using the network. At the same time, it also powers apps built using the BitTorrent Protocol like BitTorrent Speed, BitTorrent File System, and DLive.
BitTorrent price prediction
On the 1D chart, we see that the BTT price found a strong support at $0.00186, where it formed a double-bottom pattern. Since then, the token has been in a bullish trend and has gained by more than 180%. Indeed, today, the coin managed to move above the important resistance at $0.0051, which was the highest level on August 13. It was also the highest point of the bullish flag pattern. The pair has also risen above the 25-day and 50-day moving averages.
Therefore, the BitTorrent price will likely maintain the bullish trend as bulls target the all-time high of $0.01340. Before that, bulls will need to move above the resistance at $0.009. However, a drop below $0.0033 will invalidate this view.