A little while ago, BitTorrent Token was launched to much fanfare. Traders saw a good opportunity to make money and its trading volume soared to new heights pretty quickly. That situation hasn’t remained in place for long, as the BitTorrent Token price has taken a serious beating ever since. Today, however, it seems some minor gains are materializing in quick succession.
BitTorrent Token Price Momentum Remains Uncertain
It is always difficult to make sense of new cryptocurrencies, tokens, and assets when they first launch. Although there is always a lot of excitement, very few of these projects manage to sustain any real growth a few months down the line. BitTorrent Token is no exception by any means, as its initial value has not been seen ever since. In fact, it seems the slow and steady decline remains in place several weeks later, which is not a promising sign.
Over the past 24 hours, it has become apparent BitTorrent Token might note some gains after all. With a 0.8% gain in USD, BTC, and TRX, the current BitTorrent Token price sits at $0.000767, 19 Satoshi, or 0.03283796 TRX. All of these levels seem pretty solid, all things considered, although sustaining these gains may prove to be rather difficult.
When looking at the BTT trading volume, however, there isn’t any real reason for excitement whatsoever. With $15.3m in trades, it seems the overall interest in BitTorrent Token has calmed down significantly. As such, the price may collapse again in the coming days, although it remains to be seen what will happen next. Reclaiming the $150m market cap level will seemingly not happen overnight.
It would appear there is also some genuine dislike toward BTT, which will not be all too surprising to most people. Andiiii, for example, expects the first major price target for BitTorrent Token to be near the 12 Satoshi level. That would represent a near 33% decline in value, which is – when looking at the bigger picture – not entirely unlikely either. As such, the coming weeks will prove to be rather interesting overall.
— Andiiiiii (@Germany_yumar) March 31, 2019
Turkish traders have shown a keen interest in BitTorrent Token, although not necessarily for the right reasons. Eser26 seems to confirm BTT needs to break out of this downward wedge sooner rather than later, but it seems rather unlikely that will happen. However, this user still expects a potential rise to 49-50 Satoshi in the long run, which may be rather optimistic under the current circumstances.
#btt 18stsh altına stopla bi süre izlemek lazım.Olurda 22stsh üstünde kapanış yaparsa o zmn 49/50stsh hedeflenebilir… fibo dirençleri grafikte var(stop seviyelerine uymak şart) #bttusd #btc #btcusd #eth #ethusd #xlm #xrp #ont #trx #ıcx #eos #xmr pic.twitter.com/OTnxtY1eLA
— Eser26 (@eSB0m) March 31, 2019
Unlike some other markets, the BTT value may rely on Bitcoin a lot more than other markets. That is not necessarily a bad thing when the momentum turns somewhat promising. However, weekends are never an indicator as to what will happen to this particular market in the coming days and weeks. For BitTorrent Token, it seems further pressure lies ahead, although it can be broken with some effort.
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.