BitTorrent’s price has been trading sideways for weeks now. Even with the last two days showing signs of a bullish move, the price movement has been insignificant.
When Justin Sun acquired BitTorrent in 2018 for $140 million, many users of the platform had great hopes of what could be. The platform would later introduce the BitTorrent token on the platform that motivated users to keep files seeding on the platform. This token would then pay them. The services also expanded to HDD and SDD services, allowing users to store their data permanently on the platform.
However, the hopes and dreams of the growth of the token have faded over the years. After the prices reached their all-time high of $0.01426 on April 5, 201. Since then, the prices have been on a slope, dropping by more than 90 per cent.
However, the BitTorrent platform has tried to make a comeback, including the introduction of the BitTorrent Chain. They have also promised a decentralized governance feature in the second quarter of 2022 and the launch of BTFS 2.0 this year. However, the BitTorrent prices have not responded positively to such news and have continued to drop.
The daily chart below shows that the BitTorrent price is trading at its all-time lowest point in today’s trading session. We can also see an almost straight descending line, an indication that the momentum of the cryptocurrency has dropped the market.
Therefore, I predict the BitTorrent price to continue trading at below its all-time lows in the foreseeable future. The prediction is made using the daily chart below, which shows that the prices have reached their low points, where they can’t move further down.
I also do not expect the cryptocurrency to recover in the coming days. This is because the currency only has a trading volume of around $12,000 per day. In the last 24 hours, the trading volume has also reduced by almost 50 per cent, indicating a decline in crypto usage.
This post was last modified on Apr 04, 2022, 17:57 BST 17:57