New projects in cryptocurrency always attract a lot of attention. In some cases, that attention will result in “scam” allegations, among other things. The BitTorrent Token price is currently subjected to a bit of a value retrace. This was somewhat to be expected for a token which shot up in value in an astronomical manner.
BitTorrent Token Price Returns to Normal
Considering how the BTT project was introduced not that long ago, its current market cap might not necessarily make too much sense. Coinmarketcap lists it at a market cap of $477.66m, which is quite steep under the current market circumstances. In fact, this is well above nearly all other tokens, assets, and currencies on the market today, even though most of those have been around for much longer.
Over the past 24 hours, the BTT price dropped by nearly 17% in USD value, bringing the price down to $0.000949. There is also a 16% retrace in both BTC and TRX value, which is somewhat to be expected. These tokens have been airdropped to Tron holders in recent weeks or sold through Binance, thus it is only normal some of them will try to dump their holdings at a good price. This dip is not entirely surprising, but it remains to be seen if the momentum will turn bullish again in the future
On social media, BTT is seemingly one of the hottest topics right now. Beastlorion was quite surprised to see the price chart go up so strongly in very quick succession, even though there wasn’t necessarily a reason for doing so. After all, the token doesn’t necessarily suit a major mainstream purpose as of right now, although that situation will undoubtedly change over the coming weeks and months.
— Beastlorion🔺️ (@Beastlyorion) February 5, 2019
TrumpLovesJenkem is convinced this is the calm before the storm, so to speak. In fact, he predicts there will always be a dip in trading volume after a massive bull run. Under perfect circumstances, that would also result in another bull run over the coming days, but in the case of BTT, that remains to be determined. It is a relatively new project which still has everything to prove.
After every huge dip in volume its followed by another pump… Guess what we just hit that dip in vol. $BTT #BitTorrent #BTT #TRON $trx #bitcoin #Signals #cryptocurrency #BTC $btc pic.twitter.com/THtXfZ8LRP
— Colin Robinson 🧛♂️ (@ColinRobinson__) February 6, 2019
It didn’t take long until this downtrend attracted some negative attention as well. Elim Herr, for example, seems confident BTT is nothing but a mere scam. The involvement of Binance in this regard may end up hurting the company’s image a bit. At the same time, there has been a strong bias toward Tron and any of its related projects from day one. Until proven otherwise, Bittorrent Token isn’t a scam whatsoever.
TRX and @binance are bad for crypto. It has to be said, unfortunately, Binance is only in it to take your cash imo. I didn't think this about @binance prior to this BTT scam they are both participating in. #fuckscams
— Profit Pivots (@Profit_Pivots) February 6, 2019
For the time being, it remains to be seen how this particular market will evolve next. Although this dip will not necessarily have any lingering effects whatsoever, one has to wonder if the market cap can be maintained for very long. A drop to the $250m range wouldn’t necessarily be a bad thing, as it appears this token is valued so highly due to hype first and foremost. That doesn’t mean the token has no real-world value, but most people may not see it that way at this time.
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.