BitTorrent’s token sale ended about a week ago but the price has kept on climbing and at this moment is up around 1000% on last week.
BitTorrent token’s (BTT) journey over the last week has been reminiscent of the 2017 glory days, with the price making extraordinary gains since the ICO ended a week ago. From the beginning of the sale, it took just 15 minutes to sell out completely. In the week since the token value has climbed more than 1000% according to Coin Market Cap.
BitTorrent is a peer-to-peer client which supports file sharing over the internet and aims to build an entire content-sharing platform. Its Tron-based token BTT was launched at the beginning of this year.
15 Minute Token Sell-Out
This has definitely felt like a blast from the past. The sale was launched through Binance and in 15 minutes, managed to rake in $7.1 million through the sale of 50 billion tokens. Justin Sun, Tron CEO and serial hype man for the currency announced that the entire lot had been sold with glee over twitter:(
He has since been shilling the airdrop for those who missed out on the sale as a second chance for punters to get their hands on BTT.
The current price of BTT is $0.0011 and it managed to hit $0.0012 yesterday; whilst it may not sound like much, it is a significant way up from the price it was launched at – $0.00012 per token. Whilst the price has dipped slightly at the time of writing to $0.0010 the gains are still extraordinary, especially for the bear market which exists currently.
To The Moon?
So, does the project actually have legs? Justin Sun obviously thinks so. He bought BitTorrent last year in June. Speaking at the time he said:
“In one giant leap, we can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
The platform does provide a solution to the problem of excessive download times by splitting the problem over the network – instead of downloading it from just one source, you can get it from multiple places at once, compressing download times. Now with the addition of a token, the problem of incentivising users to seed the files is addressed – essentially, users can earn BTT for seeding files incentivising them to stay on the network for longer.
BitTorrent has actually been running since 2001, and so it is little wonder that its tokens sold out so fast; it is tried and tested and has stood the test of time (within the blockchain space anyway). But the effectiveness of the new tokenised incentive is far from assured. However, so far, the investment of Sun and the Tron team is paying off: the price has soared and with the market cap of BTT now at $150 million, it has provided a $10 million return on investment.
Image Source: “Flickr”
Alex has been putting words on paper since he was old enough to hold a pen; when he bought his first bitcoin in January 2017, those words discovered their place within crypto as well. He holds a master’s degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European cryptocurrency regulation.