The BitTorrent price has suffered a rude wake-up call. The BTT price has crashed by more than 35% in the past few days after it reached an all-time high of $0.0135. Its market cap has dropped to $5.7 billion. It has also moved from the top 20 of cryptocurrency rankings to the current 25.
What happened: BitTorrent is the world’s largest torrenting company in the world. The firm’s products are used widely globally for file downloading. It was acquired by Tron’s Justin Sun in 2018. In the past few months, the BTT price has been on an unstoppable rally. It has risen by more than 3,200% from its lowest level in November last year.
This trend is mostly because of the rising usage of the BitTorrent platform. There are more than 200 million BitTorrent wallets and more than 100 million monthly active users. Also, it is mostly because of the recent surge of major altcoins. Indeed, recently, some coins like Theta and Filecoin have emerged from obscurity to become the biggest blockchain projects in the world.
The daily chart shows that the BTT price has rallied substantially in the past few months. This has seen the price soar above the short and longer-term moving averages while the top oscillators like the RSI and MACD have moved to the overbought level.
However, the momentum has recently fallen, with the price falling for the past three consecutive days. This could be dangerous for the BitTorrent price since it could push more buyers to dump their coins. If this happens, it could drop to $0.0038, which was the lowest level on March 20.
However, we could see other buyers come back to buy the dips. The bullish trend will be confirmed if the price moves above the all-time high.
