The past few weeks have not been fun for BitTorrent Token. Despite the launch being met with a lot of excitement, the BTT price continues to tank every single day. Although the current BitTorrent Token price losses are minimal, it seems unlikely any real change should be expected. This is despite Justin Sun trying to create even more hype for his own projects than ever before.
BitTorrent Token Price Pressure Continues
When BTT first launched, a lot of people expected it to follow Tron’s price trend It would appear most of that initial excitement has disappeared into thin air, as the price has not found any stable ground as of yet. It seems unlikely the previous all-time high will be reached again in the near future. Justin Sun is seemingly convinced a new marketing stunt and a bit more hype could get the job done in this regard.
Over the past 24 hours, the BitTorrent Token price lost another 0.7% in USD and BTC value, as well as 2.65% over Tron. The overall momentum for this token remains incredibly bearish, although no one really knows why that is the case exactly. Its overall trading volume is more than 10% of its market cap, further indicating that aspect is doing quite well. However, the $0.000751 – or 19 Satoshi – level remains under a lot of pressure from traders and speculators alike.
To turn the ship around, Justin Sun is launching yet another giveaway. While one has to commend this person for trying his best at making things happen, this new campaign will attract a lot of backlash. He is giving away $20m or more in cash and other rewards. The first giveaway is a Tesla, which will be given away to a Twitter user. This campaign is organized to celebrate BitTorrent Token’s launch and the introduction of USDT on the Tron blockchain.
To celebrate #BTT & #USDT–#TRON success, I am planning a $20m free cash airdrop. Good news-it's coming, bad news-I may decide to give away more! First, I will randomly pick 1 winner for a #Tesla up until 3/27! To apply, follow me and RT this tweet! Simple! #Blockchain pic.twitter.com/wFyzwtB3ur
— Justin Sun (@justinsuntron) March 12, 2019
There is also the ongoing Token2049 Summit, which has many people excited at this time. Justin Sun is effectively presenting at this conference. In his discussion, he talked about the Tron ecosystem, dApps, BitTorrent Token’s current state and progress, and much more. It is evident there is a plan in place to make all of these projects succeed in the long run. For speculators, this will not trigger any short-term price changes to take note of.
RT Tronfoundation "Second day at #Token2049, justinsuntron gave a keynote speech, he shared #TRON latest progress such as TRON #Dapp ecosystem, #BTT, #USDT–#TRON, SUN network and his visions about the whole blockchain industry. pic.twitter.com/WNUHi5QsRd"
— TronMacau(SR) (@MacauTron) March 14, 2019
Some traders even expect the BTT price to stabilize in the very near future. Ronald F. Luna, for example, sees the BTT selling pressure drying up. Based on the current BTT charts, that seems rather unlikely. There are still major sell orders on the book right now, as well as plenty of traders looking to dump into open buy orders. As such, it seems unlikely there will be any real BTT uptrend for the foreseeable future, which might disappoint a lot of people.
— Ronald F. Luna (@Ronald_Lun) March 14, 2019
Although BitTorrent Token has a lot of long-term potential, it seems unlikely any real changes should be expected in the price department. The 19 Satoshi level is still not confirmed to be major support whatsoever. As such, a further downfall to even as low as 15 Satoshi is still in play at this time. That situation may change following the Justin Sun promotion and hype, but for now, it seems the market will remain in the red for the foreseeable future.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.