While the crypto market still looked bright yesterday, it is now different. Most cryptocurrencies now seem to be somewhat consolidating with small price falls at the moment. For example, Bitcoin (BTC) is minus 0.97% at the time of writing, but is still above the important $ 4,000 mark. However, there are a few altcoins that are still doing well right now. BitTorrent token (BTT) is one of them.
The BitTorrent token is the native token of the peer-to-peer file sharing platform BitTorrent. This platform was taken over last year by Justin Sun, CEO of TRON (TRX). Sun wants to integrate the two platforms together in order to build a decentralized internet.
BTT was fairly stable last week after a peak on 11 March. But just like the rest of the cryptocurrencies, BTT also experienced a substantial increase on 16 March. Now that other cryptocurrencies have dropped back, BitTorrent token continues to rise.
The altcoin is currently worth $ 0.000845 after rising 10.5% in the last 24 hours. The crypto is also gaining ground against BTC with an increase of 11.5%. On the BTT / BTC chart, crypto-analyst CryptoRonny shows the rate in addition to a falling wedge pattern:
Falling wedge breakout! Need close candle here and breakout big resistance 8330 sats! #BTT $ BTT pic.twitter.com/xSxoKmO6zD
– CryptoRonny (@ CryptoRonny5) March 17, 2019
This pattern is formed when the price begins to trade in an increasingly tighter range, often preventing the price from eventually breaking out. This can be either up or down. Crypto analysts, however, have high expectations because of the previous rally of BTT.
Still, watch out. The crypto market is known to be very volatile, which certainly applies to smaller altcoins such as BTT. In the coming hours it will become clearer which way BTT will go in the coming period.
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The post BitTorrent token, unlike other cryptocurrencies, thick in the plus appeared first on Crypto Insiders.