BitTorrent is up by a percentage point in today’s trading session. The gains are also a continuation of a bullish move that started yesterday. Although still in the early stages of the session, the crypto is also looking likely to close the session at a higher price.
The current rise of BitTorrent coincides with the latest announcement of a partnership with KuberSwap. The two platforms announced a $1.5 million investment in liquidity mining and trading incentives to be available immediately to users. The partnership’s goal is to accelerate decentralised finance (DeFi) adoption.
The premise of best trading and earning rates have also been prioritised. The partnership is also expected to make it easy for users of both systems. There will also be an improvement in both platforms’ security and multichain capabilities through the partnership.
One of the reasons that make this partnership great for BitTorrent is the size of KyberSwap. Today, it ranks as the seventh-largest DEX platform based on the total value locked. It also boasts of having more than $8 billion in trading volume.
The partnership will see BitTorrent reach out to a huge group of previously inaccessible users. It will also help in the growth and development of the BitTorrent platform. There is also a high likelihood of BitTorrent price growth as more users are now able to access the platform through the KyberSwap platform.
Today’s trading session continues the bullish move that started yesterday. Trading at $0.00000177, BitTorrent is already up by a percentage point and looking poised to continue with the bullish trend. Despite the crypto being in a very strong bearish move that has seen it lose over 20 percent in April alone and 33 percent since the year started.
However, recent fundamental analysis shows the prices are likely to have a small bullish boost. Therefore, there is a likelihood of a small recovery of the BitTorrent prices. However, the general trend of BitTorrent will still be Bearish for the foreseeable future. Therefore, the current bullish move is temporary, and the bearish trend is likely to continue.
This post was last modified on Apr 28, 2022, 14:26 BST 14:26