BitTorrent’s BTT Price Surges: Will it Impact TRX Price?

The native token of BitTorrent, BTT, has seen a massive rise in value with a 35% increase over the past day, soaring to an intra-day high of $0.00000114 before facing resistance. At press time, the BTT’s bullish momentum was still in control, with the price up 32% from the intra-day low trading at $0.00000104.

BTT/USD 24-hour price chart (source: CoinStats)

This surge in BTT’s market performance captures the attention of many, bringing into question implications for other associated platforms such as Tron (TRX).

BTT’s Increased Miner Activity and Storage Contracts

One of the major drivers behind BTT’s recent rally is a significant rise in network miner activity. The active miner count of 7.9 million is higher than ever, ensuring its network’s highest level of security and stability. Furthermore, the growth in storage contracts that have already surpassed 141 million demonstrates an increasing need for decentralized storage services, which continues to drive BTT’s use and adoption.

🔥 $BTT Total Supply is now over $9.3 Million on #JustLendDAO!

Visit #JustLendDAO: https://t.co/t7ErQpDN0S pic.twitter.com/ZfUK8apKXj

— BitTorrent (@BitTorrent) February 6, 2024

Revenues in the BitTorrent ecosystem also show a sharp upward trend, with figures above 238.74 billion BTT. This financial development is a sign of the strength and possibilities in this ecosystem. In addition, the launch of the BitTorrent Chain (BTTC) mainnet in December 2023 further strengthens the storyline through faster and cheaper transactions within the BitTorrent ecosystem.

Implications for Tron (TRX)

The rise in BTT’s value and the developments within the BitTorrent ecosystem inevitably lead to speculations on potential implications for Tron (TRX) due to the interdependence of the two platforms. The current market dynamics for TRX, as shown by a recent sell signal of the TD Sequential indicator, may indicate an emerging bearish trending period ahead. This is opposite to the bullish momentum we can see in BTT, creating an intricate relationship between these two tokens.

The TD Sequential indicator is signaling a sell on the $TRX 3-day chart, indicating that #TRX could be heading towards a correction phase that might last from three to twelve days.

This bearish outlook is reinforced by a divergence between the #TRON price and the RSI,… pic.twitter.com/hUVCj4o60m

— Ali (@ali_charts) February 6, 2024

Although TRX faces some initial challenges, Tron’s dominance in the stablecoin market remains undisputed. The network’s considerable portion of the USDT circulation speaks for its central position in the stablecoin ecosystem. Additionally, Tron’s constant development of infrastructure, such as the Delegated-Proof-of-Stake (DPoS) mechanism and TRON Virtual Machine(TVM), make it scalable with innovation to remain relevant in the blockchain.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source