The BitTorrent price has moved sideways in the past few days as the number of transactions in the network slows. The BTT token is trading at $0.0000011, which is a few points above its lowest level this month. The total BTT in circulation have a market cap of over $1 billion, making it the 62nd biggest cryptocurrency.
BTT is the native token for the BitTorrent Chain ecosystem. It is a fast-growing platform that is owned by Justin Sun, the founder of Tron. The chain hopes to be a solution to many developers who are building web3 projects.
Some of its top features are its quick speed of over 7,000 transactions per second and lower fees of about $0.01 per transaction. Most importantly, it is highly interoperable with Ethereum, Tron, and BSc.
The challenge for the BitTorrent Chain is that competition in the industry has been growing rapidly in the past few months. Some of its top competitors are platforms like Solana, Avalanche, and Cronos.
On the other hand, its opportunities are the fact that it is owned by Tron, a highly successful project that has become the third-biggest player in the DeFi industry after Ethereum and Binance. A closer look at BTTSCAN shows that the number of transactions have dropped from 75,000 on May 20th to 54,000.
BitTorrent price prediction
On the 4H chart, we see that the BTT price has been in a consolidation phase in the past few days. The coin has consolidated around the 25-day moving average. At the same time, the coin has formed a triangle pattern that is shown in red. Other indicators like the True Strength Index and the Relative Volatility Index have moved to the neutral point.
Therefore, the coin will likely remain in this range today. In the coming days, there is a likelihood that it will have a bullish or bearish breakout.
