Even though Bitcoin remains in the green, for the time being, it would appear there is some bearish pressure forming on the hourly candles. That is not entirely unlikely, as this is an odd time of day to trade cryptocurrencies. The BitTorrent Token price is trying to hold on to its minor gains, yet it seems unlikely this market won’t dip in the red later today. However, the wave of positive news may help keep this market afloat for a little while longer.
BitTorrent Token Price Momentum Remains Uncertain
It is evident all of the alternative markets are on edge right now. More specifically, the promising Bitcoin price trend hasn’t necessarily remained in place. Although those gains have not been lost, continuing the uptrend has proven to be extremely difficult, if not impossible. As the hype and excitement ebb away, it seems the altcoins, tokens, and assets will turn bearish again as well. BitTorrent Token is one example, although there are many different developments taking place behind the scenes.
Over the past 24 hours, the BitTorrent Token price has gained 1.12% in USD value, 0.57% over Bitcoin, and 0.85% in Ether value. Although this is still a very promising trend first and foremost, the overall trading volume will not be sufficient to keep things going for much longer. As such, the current BTT price of $0.000778, or 19 Satoshi, could collapse at any given time. However, the news involving BTT can easily put a different spin on this on this market moving forward.
The first development to take note of is how BitTorrent Live has been announced. It is a new live streaming application making use of BitTorrent technology. It will also serve as a social media platform, of which there are already dozens in the world today. Assuming this project can deliver upon the promised “new content experience”, it may bring a lot of positive attention to BitTorrent Token moving forward.
Welcome to #BitTorrentLive, a new social media platform at the forefront of a new content experience, accelerating the decentralization of the internet, and soon to be powered by $BTT. https://t.co/2tkCENRuSF
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 27, 2019
Secondly, there is the announcement regarding BitTorrent Speed. It is advertised as “the largest blockchain application powered by BitTorrent”. A very interesting way of phrasing it, primarily because it will be released in Q2 of 2019. This means its release can occur anywhere between next Monday and the final day of June. It is something to look forward to as well, albeit it may not impact the BTT value in any significant way.
— Andre the Midget (@Dr_strange1) March 23, 2019
For the traders, all that matters is the BTT chart and where it will move next. While it looks as if this market has seen better days, there is still a long way ahead to reach its previous all-time high. In fact, this particular market has seen nothing but a slow and steady downfall ever since it was launched on exchanges, which is not all that promising. However, one could also argue things can only get better from here on out.
— kardam (@kardam2015) March 28, 2019
For the time being, it remains to be seen what the future will hold for BitTorrent Token and the other alternative markets. As BTT was introduced, people got hyped, yet the project has not delivered on that initial promise. The recently announced developments, however, may effectively change that situation moving forward. If these services can be launched in time and effectively deliver on their promise, there is a chance the BTT value will respond in kind. If and when that will happen, is a different matter altogether.
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.