Over the last two weeks, some of the lesser-known altcoins have been battling to make their way to the much-coveted top-ten crypto list. First with THETA followed by Filecoin last week, its BitTorrent which has now surged a massive 86% in 24 hours to become the tenth-largest cryptocurrency by market cap.
At press time, BitTorrent (BTT) is trading at a price of $0.0-13 with a market cap of $13.1 billion. Over the last week, the BTC price has surged a massive 267% thereby putting it in the top-ten spots. Also, with the price surge, the daily trading volume for BitTorrent has surged to a massive $12.2 billion.
Interestingly, there’s no specific fundamental reason as of now as to why the BTT price shot to these highs. BitTorrent, the peer-to-peer file-sharing protocol has been in the crypto game for quite some time though. A strong technical momentum could be one of the plausible reasons behind this price surge.
Another latest development around BitTorrent (BTT) is that ten days back, crypto exchange Poloniex announced staking for BTT on March 25, 2021.
As it turns out, Poloniex was acquired by a group of buyers including TRON founder Justin Sun, who also sits on the top board o BitTorrent. A speculative guess suggests that this could have triggered buying demand for BitTorrent with investors rushing to buy and stake their BTT tokens.
Strong Buying Current In the Altcoin Space
There’s a strong buying current at present in the altcoin space as Bitcoin (BTC) consolidates around $58-$59K. Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT) and XRP have all given over 20% returns over the last week.
Ethereum (ETH) surged all the way above $2100 hitting its new all-time high. At present ETH still holds its crucial support of $2000. Simultaneously, Binance Coin (BNB) has been maintaining its number 3 spot and currently trading around $350 levels.
Most interestingly, Ripple’s XRP has surged over 17% moving past $0.70 to register its highest weekly close in nearly 3 years.