BTT price prediction: What is the future for the TRON-based coin?
BitTorrent has experienced peaks and troughs, but what’s the latest price prediction?
BitTorrent (BTT) token, launched in February 2019 on the TRON blockchain, enjoyed a bullish rally in Spring 2021. Described as the “largest decentralised P2P communications protocol” in the world according to website BTT, the protocol was developed in order to improve the way in which customers obtain and download content.
Attempting to disrupt distribution networks in the entertainment and music industries, founder Bram Cohen wanted to create a system whereby internet users could distribute and share content among themselves.
Taken over by the TRON network in July 2018, the BitTorrent user base expanded. In February 2019, under the leadership of Justin Sun, founder of TRON, BTT token was launched as the native cryptocurrency of BitTorrent. Despite being a relatively new token, BTT has gained traction in the market over 2021.
But what does this mean for the BitTorrent token price prediction?
Let’s first take a look at historic performance:
In early 2019, after its launch, BitTorrent made some moderate price gain, rising from $0.0006646 on 8 May 2019 to $0.001628 on 29 May 2019. Prices fell throughout 2020, hitting its record lowest price on 13 March 2020 of $0.00013814.
In early 2021, BitTorrent experienced a meteoric surge, hitting a record high of $0.013566 on 5 April.
The BTT price began to dip again throughout mid-2021, decreasing to $0.001954 on 20 July. From September to mid-November the price made a slight recovery to $0.003443. However since then, the price has decreased to $0.002334 by 6 December.
The total supply of BTT is 990,000,000,000 and there is a current circulating supply of 932,497,500,000, according to CoinGecko.
The current market cap of BitTorrent stands a little over $2.3bn as of 6 December. According to CoinMarketCap, BTT is ranked number 56.
Over the course of 2021, the BitTorrent's price had risen over 1,000%.
But how do these figures affect a BitTorrent coin price prediction?
Let’s take a look at what analysts think…
BTT price prediction – Expert opinion
It is important to bear in mind when considering predictions, that while these can be a helpful indicator of the direction the price may move, they should be viewed as possibilities rather than absolutes. This is especially the case when looking at long term forecasts, as these can sometimes be completely off the mark. This is because of the inherent volatility of the crypto market but also the many unknowns which could have an impact on future prices.
With this in mind, let’s look at some BitTorrent coin price predictions.
WalletInvestor says that BTT price should hit $0.00571 in a year’s time and $0.0189 in five years.
According to gov.capital, after one year the BTT price will rise to $0.00754, while in five years, the site predicts BitTorrent price will be $0.0470.
DigitalCoinPrice says that BTT should be worth $0.0038712494 at the end of 2021 before increasing very slightly to $0.0037778476 in December 2022. A year from then it should make another jump to $0.00562 before climbing to $0.00701 12 months on. The BTT price prediction for 2025 is $0.006473 in December. In December 2026 it should reach $0.009169 before hitting $0.00917 12 months from then. By December 2028, BitTorrent should have broken the one cent barrier, with a prediction of $0.01141.
Largely optimistic, analysts have weighed in on the Bit Torrent price forecast.
CoinQuora suggests that BTT price prediction ranges from $0.0046 to $0.0062. However, the Relative Strength Index (RSI) is at 65.8, which means that BTT is in a nearly oversold state. According to Cryptopurview, RSI values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or a correction in the asset. As a result, this may lead to a price reversal at any given time.
It may well be. On the whole, analysts have offered positive short and long term price forecasts for BTT.
That said, it is important to be cautious when investing. Cryptocurrencies can be highly volatile, and prices can definitely go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
Analysts have forecast that it will go up gradually and fairly consistently over the next few years.
It is important, however, to remember that forecasts, while helpful indicators can never be relied upon. BTT could well go up but it could also go down. Crypto is hot but also a highly saturated market and there are still many unknowns regarding the regulatory landscape.
Investing is a personal choice, depending on your financial goals and amount of money you have to invest. It is important to do your research and speak to people who know a lot about crypto. Try and dig deeper than the word going around on social media platforms as these are not always the most credible sources.