The BitTorrent price is holding steady as the rest of the cryptocurrencies industry rebounds. The BTT token is trading at $0.0035, which is about 22% above the lowest level since September 29. This rebound brings its total market capitalisation to more than $2.286 billion, making it the 57th biggest cryptocurrency in the world. It sits between the OMG Network and Amp.
BitTorrent is a leading software that is mostly used to download pirated content like books and movies. This is a significantly big industry considering that most movie watchers globally download them in pirate platforms like The Pirate Bay.
A recent report said that the industry cost the American economy between $29.9 billion and $71 billion. BitTorrent and its assets is a major enabler of the industry.
The BitTorrent token is the native token for the BitTorrent ecosystem. It is also used to build decentralized applications although it’s role here is relatively limited. It is also used to enable BitTorrent Speed and as a way of staking.
The four-hour chart shows that the BitTorrent price has been in a strong bullish trend in the past few weeks. It has risen by more than 22% from its lowest level in September.
Along the way, it has moved above the 23.6 % Fibonacci retracement level. It has also risen above the 25-day and 50-day moving averages. Indeed, the two averages have made a bullish crossover pattern.
Therefore, the BTT price will likely keep rising as bulls target the 38.2% Fibonacci retracement level at $0.0038, which is about 8% above the current level. However, a drop below the support at $0.0033 will invalidate the bearish view.