BitTorrent [BTT] Surges Over 10% Despite Declining Market; Here’s Why!

On Sunday, June 30, 2019 – Justin Sun, founder of TRON and current CEO of BitTorrent excited his followers with a killer tweet concerning BitTorrent. He stated that BitTorrent File System (BTFS) will be launched on Testnet today on July 1st, 2019 (PDT). The price of BitTorrent began scoring higher while other altcoins are struggling to move up.

BTT Scores Over 10% Higher

BitTorrent (BTT) is currently ranking as the 34th largest cryptocurrency with over 10.60 percent change within the past 24 hours. Subsequently, it is popping up as the best performing altcoin among the largest 35 cryptocurrencies on the graph of Coinmarketcap. At the time of reporting, the token is currently valuing the market cap of $320,834,138 which reflects the biggest boom influenced by Sun’s tweet during the weekend.

BTT
BTT price | Coinmarketcap

According to Sun’s tweet, BTFS/ BitTorrent File System is both a ‘protocol and network implementation’ that assist in a decentralized file system – such as acting as a peer-to-peer mechanism for storing, content-addressable, and sharing digital content.

Also Read- Tron Foundation Announces $20 Mln TRX Buy Back Plan, TRX Price Scores Higher

This new file sharing protocol is reportedly a distributed web platform backed by revolutionary blockchain tech which aims at rewarding users with BTT token every time user share files – besides that, it also enables faster downloads of such files. Moreover, a tweet from BitTorent Inc., broke out on June 28, claims that BitTorrent Speed will be the first major use case of blockchain. It continued;

At the same time, crypto community can also observe the price surge in TRON – although it still figured with negative remark it has noticeably jumped from 12th spot on June 30 to 11th spot on July 1, 2019.

TRX
TRX price | Coinmarketcap

BTT’s file sharing system is no separate from TRX’s vision – TRON acquired BTT in the year 2019 for more than $100 million. Sun is aiming to scale BTT speed as the world’s fastest tool across social media, search engines and other computer cloud products such as Amazon Web services.

The post BitTorrent [BTT] Surges Over 10% Despite Declining Market; Here’s Why! appeared first on Coingape.

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