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 world’s “largest decentralised P2P communications protocol”, according to the BTT website, 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 gained some significant traction in the market over the course of 2021.
But what does this mean for the BitTorrent token price prediction? First, let’s take a look at its performance so far.
In early 2019, after its launch, BitTorrent made some moderate price gains, 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 2021.
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. The price then decreased to $0.002466 by 5 December 2021, and further again to $0.002426 by 11 January 2022.
The price has since continued to dip, dropping to $0.002009 on 14 February 2022 and $0.001694 on 24 February. Despite rising to $0.002235 on 26 February, the coin then dropped to lows of $0.001826 on 28 February. Despite sliding to lows of $0.001587 by 21 March, the coin rose subsequently to highs of $0.002241 by 31 March 2022.
The coin subsequently dropped, sliding to lows of $0.001823 by 13 April 2022. The BTT coin traded sideways for the remainder of April. The coin has performed badly through early May, dropping to $0.001544 by 9 May 2022.
The total supply of BTT is 990,000,000,000 and there is a current circulating supply of 990 billion, according to CoinMarketCap.
The current market cap of BitTorrent stands at $1,529,863,308 as of 9 May 2022. According to CoinMarketCap, BTT is ranked number 210.
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 they can be a helpful indicator of which direction the price may move in, they should be viewed as possibilities rather than absolutes. This is especially true of longer-term forecasts, which can sometimes be completely off the mark, due to the inherent volatility of the crypto market and the many unknowns that may affect future prices.
With this in mind, let’s look at some BitTorrent coin price predictions.
WalletInvestor says that BTT price should decrease to $0.000000194 in a year’s time.
According to Gov.capital, BitTorrent could be worth $0.0032 in a year’s time and $0.0233 in five years’ time.
DigitalCoinPrice says that BTT should be worth $0.00202 in May 2023 and $0.00319 by May 2024. The BTT price prediction for 2025 is an average $0.00296 for the year. The average value in 2026 could drop to $0.00266, and in five years’ time the coin could be worth an average of $0.00341. The site’s BTT price prediction for 2030 stands at $0.00692.
Potentially. As it stands, analysts offer a fairly bearish view of where the price of BTT will go, in both the long and the short term.
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.
Some analysts have forecasted that it will go up gradually and fairly consistently over the next few years, while others think it could go down.
It is important, however, to remember that forecasts 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.